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.
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.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.