Why Morgan Stanley Sees Phoenix Mall Operator's Share Price Surging 30%

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.

See Also: Lemon Tree Shares Have Slumped 11% This Year – Why This Analyst Sees Over 75% Upside

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.

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

You have successfully subscribed.

Read Next: Why Shoppers Stop Shares Are Up Today

Posted In: mallsMorgan Stanley Capital InternationalMotilal Oswal Financial ServicesPhoenix Millsshopping malls