ICICI Direct has given Buy recommendation for Titan Company with a target price of Rs. 2725 in its research report issued on May 04, 2022

ICICI Direct’s research report on Titan Company

Titan has transformed itself from a watch maker to an enviable lifestyle company, with jewellery being the leading vertical (85% of revenues). Robust distribution network comprises 2175+ stores spread across 2.8 mn sq ft. Titan has consistently displayed its ability to gain market share amid a tough industry scenario owing to its robust balance sheet (30%+ RoCE and cash & investments worth Rs 1500+ crore) and strong brand patronage.

Outlook

We continue to remain structurally positive on the stock as high growth visibility justifies premium valuations and maintain BUY on the stock. We value Titan at Rs 2725 i.e. 66x FY24E EPS.

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