Brokerages reset consumer playbook: Citi Neutral on Titan, JPM Overweight USL, Macquarie backs Trent & Devyani
Citi flags jewellery softness at Titan amid record gold prices (TP Rs 5,075). JPMorgan goes Overweight on United Spirits (TP Rs 1,510). Macquarie's inflation-moderation basket favours Titan, Trent, Devyani, HUL and Asian Paints. Max Healthcare gets TP Rs 1,240 on 20% EBITDA CAGR through FY30; Thyrocare a Buy at Rs 615.
What happened
Brokerages issue updated calls on Indian consumer names: Citi Neutral on Titan (TP Rs 5075) citing jewellery softness amid high gold prices; JPMorgan Overweight
Key facts
- Titan TP Rs 5075 Neutral
- United Spirits TP Rs 1510 Overweight
- Max Health TP Rs 1240, 20% EBITDA CAGR FY26-30
- Thyrocare TP Rs 615 Buy
- Devyani consumer pick
- Trent consumer pick
Why this matters
The Overweight reset on USL and Macquarie's tilt toward Trent, Devyani, and healthcare names like Max and Thyrocare reframes valuation benchmarks for any consumer or diagnostics M&A conversations we're scoping.