Why Tata Consumer Shares Are Soaring Today

Shares of Tata Consumer jumped back into the green on Monday, breaking their two-session losing streak.

What Happened: Shares of the Tata Group company are upbeat today as global research firm Citi initiated its coverage on the stock with a “buy” rating. The firm has a price target of ₹1,020 on the stock, an over 20% upside from the stock’s last closing price of ₹842.70.

See Also: This Startup Wants To Help You Own A Brand New Thar For ₹1.5 Lakh

The firm noted that the company was gaining traction across segments and expects its financial performance to improve. The firm added that it expects the fast-moving consumer goods (FMCG) giant’s consolidated revenue/ EBIDTA/EPS to grow at a CAGR (compound annual growth rate) of 12%/17%/22% over FY23-FY26.

The firm noted that the target price was justified based on the company’s long-term growth prospects, its brand value and improving financials.

Price Action: Tata Consumer’s share price was up 1.24% to trade at ₹851.30 as the markets opened on Monday.

Read Next: Is Radico Khaitan A Good Buy? Check Share Price, Analyst Calls And Price Targets

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Price TargetInitiationAnalyst RatingsTata Consumer Products LtdTata Group