Shares of Tata Consumer Products Ltd. rose 4%, the biggest intraday gain in four sessions, to Rs 746.25 apiece after Morgan Stanley upgraded the stock to ‘overweight’ from ‘under-weight’.
- Morgan Stanley also raised the target price of the stock to Rs 886 from Rs 600, an implied upside of 23.46%.
- Morgan Stanley, in a note on Wednesday, added that the growth levers are aligned for Tata Consumer and stock correction offered a good entry opportunity.
Of the 19 analysts tracking the company, 14 maintained ‘buy’, three maintained ‘hold’ and two maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 17.6%.
Trading volume on the stock was nearly five times the 30-day average volume, at this time of the day.
Source: Brokerage note, Bloomberg
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