Emkay Global Financial has given Buy recommendation for ITC with a target price of Rs. 270 in its research report issued on Dec 15, 2021

Emkay Global Financial’s report on ITC

ITC in its analyst meet highlighted its growth initiatives across divisions and is hopeful of delivering double-digit growth ahead. The company does not expect a major change in cigarette taxation and continues to target long-term improvement in FMCG margins, though it could be challenging in the near term due to high inflationary pressures.

Outlook

Management seems open to acquisitions in FMCG/IT and exploring unlocking potential at an opportune time, which could be a positive catalyst. Maintain Buy with a TP of Rs270.

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