Morgan Stanley stays Overweight on Titan with TP Rs 5,212; sees no hit from duty-free gold curbs
May 15 broker desk: MS reiterates Overweight Titan (TP Rs 5,212), shrugging off tighter duty-free gold rules. Voltas views split as Street pencils 15-20% RAC growth into FY27 against 9-10% Q4 price hikes and 30-40 days channel inventory. United Spirits Prestige momentum holding up ex-Maharashtra/AP; TP band Rs 1,350-1,480.
What happened
Brokerages issued fresh calls May 15: MS Overweight on Titan (TP Rs 5,212) seeing no impact from tighter duty-free gold rules; mixed Voltas views on RAC growth;
Key facts
- Titan TP Rs 5,212
- United Spirits TP Rs 1,350-1,480
- Voltas TP Rs 1,200-1,550
- RAC market growth 15-20% FY27
- Voltas Q4 price hikes 9-10%
- Voltas channel inventory 30-40 days
Why this matters
United Spirits' Prestige momentum holding ex-Maharashtra/AP at Rs 1,350-1,480 TP suggests premium spirits M&A multiples remain supported, while Voltas's split Street view could open windows for cooling-segment consolidation if sentiment cracks.