Emkay Global maintains 'buy' on Britannia Industries, target price Rs 3,500

Emkay Global has maintained buy rating on Britannia Industries with a target price of Rs 3,500. The recent stock underperformance and improving margin outlook provide a good entry opportunity, said Emkay Global. Valuations at 39 times FY22 estimated earnings per share (EPS) are attractive versus peers, said Emkay. Recent price hikes and the company’s strong focus on cost efficiencies point to further margin expansion ahead, it said. Shares of Britannia Industries ended up 1.2% at Rs 3,062.90 on Wednesday.