ITC shares hit a fresh all-time high on Friday, adding to a chain of unprecedented levels scaled over the past few sessions. The latest record high comes days after cigarettes-to-hotels conglomerate ITC crossed the Rs 400 per share market for the first time ever.    

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The ITC stock gained by as much as Rs 7.3 or 1.8 per cent to a record Rs 407.6 apiece on BSE, continuing to rise for the third session in a row. 

What experts say on ITC shares

Market expert Rakesh Bansal is bullish on ITC shares with a long-term target of Rs 700-odd levels. 

"After some consolidation, the stock is in unchartered territory with a good technical structure," Bansal told Zee Business. He recommends buying ITC shares at levels to the tune of Rs 398-399 for targets of Rs 425 and Rs 430 in the short term. 

What brokerages make of ITC shares

CLSA this week raised its target price for ITC by Rs 15 to Rs 430. The brokerage has an 'outperform' rating on the cigarette maker.

Also Read: ITC hits all-time high; CLSA raises target price to Rs 430

Sharekhan reiterates a ‘buy’ call on ITC with a target price of Rs 450 per share on the back of double-digit earnings growth visibility.

Consistent good growth in the cigarette business, strong tailwinds in the hotel business, and scale-up in the non-cigarette FMCG business make its earning visibility better compared with peers, the domestic brokerage said in its report on the FMCG major.

 

ITC shares: Historical performance

The ITC stock has gained almost eight per cent in the past one month, a period in which the Nifty 50 benchmark has risen three per cent. The stock touched the Rs 400 mark for the first time ever on April 17, 2023. 

Year to date the stock has surged over 22 per cent which is a sharp rise against the headline index's decline of over 3 per cent. 

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