Shares of ITC in early trade jumped nearly 1 per cent in Friday's session as the company posted mixed Q1 numbers with net profit at the cigarette to hotels major reporting flat net profit at Rs 4.917 crore. In the same period last year, the company's PAT was reported at Rs 4,920 crore. Zee Business research estimated the company's PAT to come in at Rs 5,020 crore.

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The revenue on the other hand at the company climbed 7 per cent on-year and was recorded at Rs 17,000 crore. The estimates for the metric were at Rs 16,665 crore. 

Should you buy, sell or hold ITC stock after Q1 results?

Jefferies held its previous buy rating on the stock with a target of Rs 585, suggesting an over 18 per cent from the previous close. The brokerage said that the company's cigarette business volume growth of 3% was in line. Stable taxation provides visibility of momentum continuing in the coming quarters, it added. Other segments however disappointed on revenues as well as margins. Also, the tough macro environment had an impact, but most businesses should see improvement ahead.

JP Morgan continued with its overweight rating and a target of Rs 535. The company's cigarette business posted steady revenue growth, with raw material inflation weighing on the margins. In the non-FMCG segment, the company's hotels business did fine, while paperboards emerged muted. 

Morgan Stanley also continued with its overweight call on the stock and raised the target to Rs 546. The company's margin Beat Was Led By Cigarettes And FMCG.