Prabhudas Lilladher is bullish on Titan Company has recommended buy rating on the stock with a target price of Rs 1264 in its research report dated May 10, 2019.
Prabhudas Lilladher's research report on Titan Company
Titan Analyst Forum displayed management strategy on 1) sustaining growth in key segments of Jewellery and watches 2) sustaining momentum for scale up in Eyewear and 3) seeding of new businesses like Taneira and Skinn. We maintain positive stance on Titan post Mgt interaction given guidance of 22% sales growth in Jewellery, double digit growth in watches and sustained growth and scale up in other ventures. We estimate 25.8% PAT CAGR over FY18-FY21.
Outlook
We value the stock at 45xFY21 EPS and arrive at a target price of Rs1264. Titan remains one of the best plays on rising discretionary spends and increasing maturity of consumers in middle India. Retain Buy.
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