Titan Gains As Morgan Stanley Maintains Overweight Stance
Shares of the Bangalore-based watch and jewellery retailer rose as much as 2.7 percent to record high of Rs 965.85 after it said FY17-18 was a very satisfactory year in terms of overall business performance.
Meanwhile, international brokerage Morgan Stanley has maintained its ‘overweight’s stance on stock for target price of Rs 1,050.
Morgan Stanley in a note said:
📍 Company is seeing strong operating profit growth for jewellery and watch segments.
📍 Revenue growth and operating profits for jewellery and watches have been strong.
📍 Titan to achieve its guidance of 2.5 times jewellery business revenues by FY22.
📍 It expects revenue to grow at 16 percent, EBITDA at 63 percent and net profit at 55 percent in Q4FY18.
