Morgan Stanley has maintained an Overweight rating on Titan, with a target price of ₹3,876, implying an upside of 13% from the current market price of ₹3,428.00.
The brokerage noted that Titan’s recent acquisition of Damas will be funded through a mix of debt, internal accruals, and cash reserves, and is seen as a strategic step to strengthen its footprint across six GCC nations. Unlike its existing focus on the Indian diaspora, Titan aims to expand its jewellery retail to broader nationalities and ethnicities in the region.
Morgan Stanley highlighted that this acquisition offers multiple synergies in terms of retail network expansion, talent acquisition, and supply chain efficiencies. The move reinforces Titan’s global ambitions and supports its positioning as a long-term earnings compounder.
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