HSBC maintains 'buy' on Phoenix Mills, target price Rs 1,110

HSBC has maintained buy rating on Phoenix Mills and raised target price to Rs 1,110 from Rs 1,000. The brokerage expects rental growth to remain strong on ramp up of Palladium, Chennai, and start-up of Lucknow mall. This should drive consolidated rental growth of 15% over the next five years (FY20-25) as against 11% during FY14-19 as new malls come on-stream, said HSBC. Shares of Phoenix Mills ended up 3.9% at Rs 864.35 on Wednesday.