Macquarie has maintained its ‘Outperform’ rating on Titan, setting a target price of Rs 4100, projecting an 11% upside from the current market price. In its pre-Q2 update, the brokerage highlighted healthy commentary on the jewellery segment, with sales ahead of estimates.
The report also notes that better-than-expected jewellery sales and healthy sales growth in the watches segment have helped offset weakness in eyewear and other segments. Macquarie expects a 9% growth in standalone EBITDA for Q2.
Current market price (CMP): Rs 3,692.00
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