Jefferies cuts ITC to Rs 350 on tax hit; lifts Nykaa, Honasa targets
Brokerages reshuffle Indian consumer coverage: Jefferies trims ITC to Rs 350 citing tax drag while raising Nykaa to Rs 350 and Honasa to Rs 565. Macquarie keeps Underperform on Nykaa (Rs 210) and Page. Varun Beverages, AWL Agri, Emami and LG India also drew fresh calls.
What happened
Brokerages refresh ratings on Indian retail and consumer names: Jefferies hikes Nykaa and Honasa TPs, cuts ITC to Rs 350 on tax hit; Macquarie stays
Key facts
- TP Rs 350 (ITC, Jefferies)
- TP Rs 290 (ITC, Citi)
- TP Rs 350 (Nykaa, Jefferies)
- TP Rs 210 (Nykaa, Macquarie)
- TP Rs 565 (Honasa)
- TP Rs 615 (Varun Beverages)
- TP Rs 260 (AWL Agri)
- TP Rs 31,000 (Page Industries)
Why this matters
Rising target prices on Nykaa (Rs 350) and Honasa (Rs 565) lift the valuation bar for any beauty/D2C M&A or partnership conversations in India.