Emkay Global Financial has given Buy recommendation for Titan Company with a target price of Rs. 3000 in its research report issued on Jan 06, 2022

Emkay Global Financial’s report on Titan Company

Titan’s Q3 business update highlights a robust growth momentum, indicating healthy market share gains. The Jewelry division reported strong 37% growth (ex-bullion sales) with a 2-year CAGR of 26%. Titan has accelerated network expansion with the addition of 83/29/27 stores for Eyewear/Tanishq/Watches in 9MFY22 (vs. -13/24/-8 in 9MFY21).

Outlook

Factoring in the solid growth momentum, we increase our FY23/FY24 EPS estimates by 8-9% and raise our Dec’22 TP to Rs3,000 (from Rs2,770), valuing the stock at 65x Dec’23E EPS. Retain Buy.

More Info on Trent

At 13:20 hrs Titan Company was quoting at Rs 2,577.25, down Rs 19.50, or 0.75 percent.

It has touched an intraday high of Rs 2,687.30 and an intraday low of Rs 2,565.55.

It was trading with volumes of 143,510 shares, compared to its thirty day average of 38,533 shares, an increase of 272.43 percent.

In the previous trading session, the share closed up 0.79 percent or Rs 20.35 at Rs 2,596.75.

The share touched its 52-week high Rs 2,678.10 and 52-week low Rs 1,396.25 on 18 October, 2021 and 22 February, 2021, respectively.

Currently, it is trading 3.77 percent below its 52-week high and 84.58 percent above its 52-week low.

Market capitalisation stands at Rs 228,804.69 crore.

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