Shares of Titan continued their bull run even as another global research firm downgraded the stock’s rating.

What Happened: Citi downgraded the stock’s rating to ‘neutral’ from ‘buy’ with a price target of ₹3,280. The firm said that the downgrade is because of the recent surge in the Titan share price. Shares of the Tata Group company have gone up close to 20% in the past three months.

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The firm added that it sees limited scope for a re-rating and earning update. The downgrade comes just days after Morgan Stanley downgraded the stock’s rating. The global research firm downgraded the stock's rating to "equalweight" with a price target of ₹3,207

The firm said that the company's jewellery business might see some moderation as demand gets impacted due to an increase in gold prices. The company had last week posted its operational updates for the quarter ended June.

Price Action: Titan’s share price was up 0.95% to trade at ₹3,116.80 as the markets opened on Wednesday.

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