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Titan shares rose 3.1% on Monday to emerge as the top gainer on the Nifty after the jewellery-to-watches maker reported June-quarter earnings that beat analyst estimates, prompting several brokerages to raise their price targets on the stock.
Brokerages largely remained bullish on Titan’s prospects following the results, with Citi, CLSA, HSBC, Morgan Stanley, Nomura, UBS and Goldman Sachs among those raising their target prices.
According to Bloomberg data compiled by ET, Titan has 30 ‘buy’ ratings, five ‘hold’ calls and two ‘sell’ recommendations. The consensus 12-month target price stands at ₹5,387.08, implying an upside of approximately 5.7% from Monday’s closing price of ₹5,098.20.
