Morgan Stanley has reiterated an Overweight rating for ITC with a target price of Rs 554 per share. The brokerage highlighted key positives from Q2, particularly in net cigarette revenues, alongside strong momentum in the hotel business and a rebound in the agri-business segment.
However, Morgan Stanley noted challenges, including:
- Weak home consumption and inflationary pressures in food inputs and tobacco leaf costs.
- General weakness observed in the paper segment.
Current Market Price (CMP): Rs 470.70
Disclaimer: This information is for informational purposes only and should not be considered financial advice. Please consult with a financial advisor before making investment decisions.
