ITC Gets Target Price Upgrade From HSBC On Favourable Taxation For Cigarette Business
HSBC Global Research has raised its target price on ITC Ltd. to Rs 580 from Rs 480, maintaining a 'buy' rating on the stock. The revised target price implies a potential upside of 11.9% from the previous close of Rs 518.15.
The brokerage cited a stable taxation regime for ITC's cigarette business and growth prospects in its Fast Moving Consumer Goods-Others segment as key factors driving the valuation upgrade.
The brokerage cited a stable taxation regime for ITC's cigarette business and growth prospects in its Fast Moving Consumer Goods-Others segment as key factors driving the valuation upgrade.