JP Morgan upgrades ITC to 'overweight' with target price of Rs 370
Shares of FMCG major ITC pared gains to trade flat after surging over 1% as global brokerage JPMorgan upgraded the stock to 'overweight' from 'neutral'.
- Mar 3, 2016,
- Updated Mar 3, 2016 4:06 PM IST
Shares of FMCG major ITC pared gains to trade flat after surging over 1% as global brokerage JPMorgan upgraded the stock to 'overweight' from 'neutral'.
The brokerage raised the target prices of the scrip to Rs 370.
Of 35 analysts covering ITC, 27 have rated it 'buy', 4 'sell' and 4 'hold', taking the median target price to Rs 365, said Thomson Reuters data.
JPMorgan citesd a lower-than-expected excise duty hike in the Budget 2016 for upgrade.
The government hiked excise duty on cigarettes by 10 per cent vs 15 per cent hike feared by markets.
"We believe ITC will be a candidate for re-rating given the budget related uncertainty is now behind us," said JPMorgan.
Shares of FMCG major ITC pared gains to trade flat after surging over 1% as global brokerage JPMorgan upgraded the stock to 'overweight' from 'neutral'.
The brokerage raised the target prices of the scrip to Rs 370.
Of 35 analysts covering ITC, 27 have rated it 'buy', 4 'sell' and 4 'hold', taking the median target price to Rs 365, said Thomson Reuters data.
JPMorgan citesd a lower-than-expected excise duty hike in the Budget 2016 for upgrade.
The government hiked excise duty on cigarettes by 10 per cent vs 15 per cent hike feared by markets.
"We believe ITC will be a candidate for re-rating given the budget related uncertainty is now behind us," said JPMorgan.