Shares of FSN E-Commerce Ventures – Nykaa‘s Parent Company – continued the four-session losing streak on Thursday. Shares of the fashion and beauty retailer have slumped close to 12% in the past month.
What Happened: Brokerage firm Nomura maintained its ‘buy’ rating on the stock with a target price of ₹214 – around 56% upside from the stock’s last closing price of ₹137.70. The firm said that low ticket premium consumption will continue to drive growth for the omnichannel retailer. It also noted that currently, the country is going through a consumption slowdown.
The stock has been struggling at the bourses ever since its Q3 results missed expectations. Brokerages have also turned cautious on the stock since then. HDFC Securities downgraded its rating from ‘reduce’ to ‘sell’ after the company’s Q3 result. Global analyst firm Macquarie also initiated an ‘underperform’ rating for the stock with a price target of ₹115.
Price Action: Nykaa shares were down 0.54% to trade at ₹136.95 in the early hours of trading on Thursday.
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