Buy ITC Ltd. target Rs 320 : UBS

UBS has Buy call on ITC Ltd. with a target price of Rs 320 .The current market price of ITC Ltd. is Rs 233.6 The brokerage house gave a year for ITC Ltd. price to reach defined target. The Q2FY17 benefited from low volumes in the base quarter as mix continues to worsen, which may weigh on the stock in the upcoming quarters. ITC recorded lower agricultural business revenue, due to uncompetitive exports and lower leaf tobacco exports. The performance is on a recovery path in the cigarettes volumes and the global investment banks remain positive on revenue growth in consumer staples segment.