Citi has maintained its ‘Neutral’ rating on Titan, with a target price of Rs 4110, forecasting an 11% upside from the current market price. The Q2 update points to a decline in the studded mix, advising caution regarding the margin trajectory.
Citi believes the drop in solitaire sales and the overall studded mix could be attributed to uncertainties surrounding the store value proposition of diamonds. The report also highlights the contrast between the rising gold prices and the falling diamond prices, with a focus on the long-term impact of lab-grown diamonds on the market.
Current market price (CMP): Rs 3,692.00 at 8AM, Oct 7, 2024
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