Shares of Phoenix Mills started the fresh week in green to break the two-session losing streak on Monday.
What Happened: Morgan Stanley on Monday initiated coverage on the real estate company with an ‘overweight’ rating setting the price target at ₹1,700 – seeing an over 30% upside from the stock’s last closing price of ₹1,285.80.
The analyst said that the rating is based on the company’s strong portfolio of high-profile malls. The company currently operates 11 malls across Indian cities. The analysts also added that the company looks to double its rental income in the next 3-4 years.
The real estate company has gotten on the analysts’ radar recently. Earlier last week, domestic brokerage firm Motilal Oswal Investment Services initiated coverage on the stock with a ‘buy’ and a price target of ₹1,700. The firm noted that consumption showed a steady recovery post covid and is back on track “with
consumption consistently being 20-25% higher than pre-covid levels.”
Price Action: Phoneix Mills shares were up 2.62% to trade at ₹1,319.55 as the markets opened for business on Monday.
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