Global brokerages raise target price on Titan post blockbuster Q2 results; Jhunjhunwala raises stake

Global brokerage firms such as Credit Suisse, Goldman Sachs, and JPMorgan raised target price on Titan Company post September quarter results, data collated from Zee Business TV showed.

Ace investor Rakesh Jhunjhunwal along with his wife Rekha Jhunjhunwala holds 4.87 stake for the quarter ended September 2021. The big bull increase stake in Titan for the first time in nearly seven quarters, data showed.

See Zee Business Live TV Streaming Below:

The Tata Group company reported a 222 per cent YoY rise in the standalone profit at Rs 641 crore for the quarter ended September 30, 2021. It had posted a profit of Rs 199 crore in the year-ago quarter.

Its revenue from operations rose 66 per cent to Rs 7,170 crore as against Rs 4,318 crore posted last year.

EBITDA, or earnings before interest, taxes, depreciation, and amortization grew 225 per cent to Rs 954 crore in the period under consideration as against Rs 294 crore posted last year.

The margins also improved to 13.3 per cent in Q2FY22 as against 6.8 per cent posted in Q2FY21.

Global investment bank, Credit Suisse maintained its neutral rating on Titan Company post Q2 results but raised its target price to Rs 2500 from Rs 2100 earlier.

Morgan Stanley maintains an overweight rating on Titan post Q2 results with a target price of Rs 2501. The Q2 earning beat estimate and consensus by 15 per cent. The management remains confident about the upcoming festive season.

JP Morgan maintains its neutral rating on Titan post September quarter results but raised its target price to Rs 2535 from Rs 2320 earlier.

Goldman Sachs maintains sell on Titan but raised its target to Rs 1322 from Rs 1200 earlier.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)