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.
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 Underperform on Nykaa and Page; AWL Agri, Varun Beverages, Emami, LG India also covered.
Why this matters
Follows Jefferies' earlier ITC target cut to Rs 350 after Q4 profit rose 5% to Rs 5,113 cr but revenue slipped 7%, while Nykaa Q4 profit nearly 4x and Honasa surged 176%.
Retail-company coverage steady at 893 signals over the past 90 days.