Brokerages split on consumer plays: ITC neutral, Nykaa & Honasa buy, LG India overweight
Goldman flags cigarette tax drag on ITC (TP Rs 330) even as FMCG grows 15% YoY. Jefferies backs Nykaa (TP Rs 350) on >25% beauty growth; CLSA outperform on Honasa (TP Rs 434) as Mamaearth turnaround builds with revenue +23% YoY. Morgan Stanley overweight LG India (TP Rs 1,726) on premiumization.
Brokerage roundup: Goldman neutral on ITC (cigarette tax drag, FMCG accelerating); Jefferies buy on Nykaa with TP Rs 350 on beauty/fashion strength; CLSA outperform on Honasa as Mamaearth turnaround progresses; Morgan Stanley overweight LG India on premiumization.