ITC hits yet another all-time high; is there more upside ahead?
ITC share price: The stock of the cigarettes-to-hotels conglomerate hit an all-time high on Thursday. That was the latest among a series of unprecedented levels over the past few weeks. Heres whats keeping the Street excited.
ITC shares scaled an all-time high on Thursday, continuing to rise for the third session in a row. The stock of the cigarettes-to-hotels conglomerate gained by Rs 9.1 or 2.1 per cent to Rs 442.5 apiece on BSE — its highest-ever intraday level so far.
ITC shares have grown about one-third in value in 2023 so far, sharply outperforming a one per cent rise in the overall market, and many analysts expect to see even higher levels in the stock going forward.
ITC Q4 results
How analysts view ITC shares
Many analysts have positive views on the stock. A number of brokerages raised their target prices for ITC shares this week, seeing levels as high as Rs 520 — which implies a further 17.5 per cent upside from the current high.
Brokerage | Rating | Target price |
Morgan Stanley | Overweight | Raised to Rs 474 from Rs 415 |
JPMorgan | Overweight | Rs 425 |
Citi | Buy | Raised to Rs 480 from Rs 425 |
Jefferies | Buy | Raised to Rs 520 from Rs 450 |
Nomura | Buy | Raised to Rs 485 from Rs 455 |
Goldman Sachs | Buy | Raised to Rs 470 from Rs 450 |
KRChoksey | Buy | Rs 492 |
Motilal Oswal | Buy | Rs 485 |
ICICI Securities | Add | Rs 450 |
ITC shares look poised for even higher levels given the way they have overcome key resistance at Rs 430, Himanshu Gupta, VP Research at Globe Capital Markets, told Zee Business. "Buying may continue in ITC shares owing on the back of fresh short-covering," he said.
He recommends buying ITC shares for short-term targets of Rs 442-445 with a stop loss at Rs 432.
Should you wait for a decline in ITC shares to enter or add?
Rakesh Bansal of Rakesh Bansal Ventures believes Rs 431 per share is a good level to enter the stock.
"Don't wait for a dip... One can expect a big, monster rally in the stock over the next two months, taking the stock higher by Rs 50-60 (from current levels)," he told Zee Business.
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