Sharekhan is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1320 in its research report dated July 09, 2019.
Sharekhan's research report on Titan Company
Titan registered moderate revenue growth of 13% in its jewellery business (vs. our expectation of 16%) as higher gold prices affected Q1FY2020 demand. Other key businesses such as watches and eyewear delivered strong performance by achieving 19% and 13% growth, respectively. We have cut FY2020/FY2021 estimates by 7% and 4%, respectively, to factor in lower growth in the jewellery division and lower margins.
The stock has corrected by 12%, factoring near-term headwinds; we maintain Buy with a revised PT of Rs. 1,320, as the long-term growth story remains intact.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.