Titan Stock Outlook- Brokerage cuts rating, growth likely from eyewear; check target price

Titan Stock Outlook: Brokerage cuts rating, growth likely from eyewear; check target price

Titan Company’s stock price rose marginally to Rs 3,090 today. However, Prabhudas Lilladher cut their ratings on Titan from ‘BUY’ to ‘Accumulate’ in a research note citing technical indicators. “TTAN currently trades at 58.0x FY25E EPS with 19.9% EPS CAGR over FY23-25. We remain structurally positive but cut our rating from BUY to Accumulate post recent run-up in stock price,” said the report.The brokerage report has set the target price for Titan Company’s stock at Rs 3,242.Titan Eye Plus(TEP) heading for sustained growth

The report showed optimism about the growth of Titan Eye Plus (TEP) and noted that the huge unaddressed population as well as the affordability of TEP offers high scope for growth. Besides these, increasing distribution, backward integration, and an excellent customer rating of 4.9/5 provide the opportunity to sustain growth. In-house production of both frames and lenses as well as the retail expansion are also expected to contribute to the company;s growth.

Besides being positive about the growth of jewelry and watches the brokerage report also expected the company’s emerging business of Titan Eye+, Wearables, Caratlane, and Taneira to contribute significantly to the overall growth trajectory.

Titan Company stock performance

Titan Company’s market cap stands at Rs 2,74,578.94 crore, the P/E ratio is 84.82, and the dividend yield is 0.33. The prices for the 52-week high were reported at Rs 3210 on July 7, 2023, whereas the 52-week low fell to Rs 2107.45 on July 13, 2022. Titan’s share price has fallen 0.4% in the last one week and gained 6.2% in the last one month. It has jumped 28% in the last six months and has surged a whopping 46.5% in the last one year.