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Home » ITC Stock has a Big Upside Jefferies Research

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ITC Stock has a Big Upside Jefferies Research

TheNewsFacts
Last updated: September 20, 2021 11:28 am
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ITC Stock has a Big Upside Jefferies Research
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Global research firm Jefferies has a buy rating on the stock and has raised target to Rs 300 from Rs 275 per share, an upside of 28 percent from current market price. With the GST Council making no rate change in any of the cess sectors, including tobacco, the FMCG major is set to see a recovery in cigarette volumes and earnings in the coming quarters.

The GST Council made a series of changes in GST rates, including some major announcements, in its meeting on Friday. The council however made no rate change in any of the cess sectors, including tobacco. “This is a positive development for ITC, which is also set to see a recovery in cigarette volumes & earnings in the coming quarters,” Jefferies said in a note.

Jefferies Take on ITC Stock

Jefferies Global Research Firm puts buy rating for ITC Stock

ITC stock price added over a percent at open on September 20 with the stock gaining over 9 percent in the last five days. The stock was trading at Rs 233.50, up Rs 2.40, or 1.04 percent. It has touched an intraday high of Rs 234.50 and an intraday low of Rs 230.

Experts see strong returns amid recovery in FMCG and cigarettes as the stock has been long-undervalued.

Attractive valuations, expected improvement in business outlook, lower lockdown impact on the FMCG and cigarette segments, a strong portfolio of FMCG brands, and the potential of value unlocking could be driving the stock, experts said.

The global brokerage firm sees the valuations of the company attractive with the stock offering 5 percent yield.

With stable taxation & tailwinds from economy opening up, cigarette volumes are likely to see a recovery in the coming quarters. Even in Q1FY22, impact of the second wave was lower against last year, and recovery has been strong since mid-June 2021, the brokerage firm added.

TAGGED: Buy ITC Jefferies, ITC Share Price, ITC Stock
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