Jubilant Foodworks hits 52-week high as Jefferies initiates buy with a target of Rs 2,650
The initiatives are underway to drive growth, gain share and optimise cost and this should reflect in a 25%+ EPS CAGR over FY20-23, says Jefferies.
September 28, 2020 / 03:26 PM IST
Jubilant Foodworks share price touched a new 52-week high of Rs 2,457.50, rising over 6 percent intraday on September 28 after foreign research house Jefferies initiated coverage on the stock with a buy rating for a target of Rs 2,650 per share.
According to the research house, the COVID-19 crisis will have a lasting impact on the food services market, however, the increased customer focus on hygiene and quality augurs well for the company.
The initiatives are underway to drive growth, gain share and optimise cost and this should reflect in over 25 percent EPS CAGR over FY20-23.
The company is a strong recovery play, it added.
At 15:10 hrs, Jubilant Foodworks was quoting at Rs 2,416.95, up Rs 103.15, or 4.46 percent on the BSE.