Analysts raise price target on Titan stock

Mumbai: Analysts retained their bullish calls on Titan and raised price targets on the stock after India's largest branded jewellery maker reported a 25% jump in fourth quarter revenue (from operations) and 50% increase in net profit.

Shares of Titan surged as much as 1.5% in Thursday's trading before closing the day at ₹2,666.20 apiece on the NSE, up 0.46% from the previous close.

Citigroup's price target is the most optimistic among brokerage firms. It sees a 23% upside potential from the current levels. CLSA also raised its price target after seeing comprehensive growth across Titan's business segments.


"Outlook optimistic... Jewellery growth remains strong despite a soft March. Strong show in other businesses which are scaling-up rapidly," CLSA said in a client note.

Of the 24 analysts who reviewed Titan's Q4 earnings, 15 of them have a 'buy' or 'outperform' rating on the stock. Eight of them remained neutral while one analyst had a sell call, according to a Bloomberg poll of analysts.

Other brokerages like Kotak Institutional Equities, BNP Paribas Asia, JM Financial Institutional, and Motilal Oswal also raised their price targets.

Consensus price target on Titan's stock rose by 3.56% following fourth quarter earnings to ₹2,956.14 per share, Bloomberg data showed.