ITC Share Price Target 2024: Hold the Stock Till Budget? Jefferies Bullish, Says ‘Key Event Remains Union Budget’ (image source: iStock)
ITC Share Price Today News NSE BSE India: FMCG major ITC shares on Thursday initially gained nearly o.50 per cent soon after the opening by the end of the trading session the stock lost nearly 0.82 per cent and settled Rs 419 per share.
ITC Share Price Target: ‘BUY, SELL Or HOLD’
As the largest shareholder BAT PLC offloaded 3.5 per cent stake via block deal in Wednesday’s trading session at Rs 404.40 per share. British American Tobacco PLC (BAT), the single largest shareholder in ITC Ltd (ITC), had announced that its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd (TMI) intends to sell up to 43,68,51,457 ordinary shares in the Indian diversified entity to institutional investors by way of an accelerated bookbuild process (block trade), subject to customary closing conditions. The stock has gained nearly 0.5 per cent in the last two days. Should interested investors buy, sell or hold? Here is what international brokerage firms said in their recent reports on ITC share price targets citing the upcoming budget post-election.
Jefferies On ITC Share Price Target
Stock brokerage Jefferies maintained a ‘Hold’ rating on ITC with a target price of Rs 430, suggesting that the stock is expected to perform in line with the market expectations. It emphasizes that fundamental factors will now become more significant as technical factors have played out. The brokerage report also highlights the anticipation of the union budget post-elections as a key event. It predicts a weak trend in cigarette volumes due to challenging macroeconomic conditions and a high comparative base. Finally, it forecasts modest earnings growth for ITC, indicating that the stock price is likely to remain within a certain range without significant fluctuations. This analysis gives investors a concise overview of ITC’s expected market performance and factors that could influence its stock price.
JP Morgan On ITC Share Price Target
JPMorgan maintained an overweight stance on ITC with a target price of Rs 490. It discusses the positive impact expected from the clearing of the BAT stake sale overhang and predicts an upward trend in cigarette growth from Q3 lows. Additionally, it anticipates a larger play in the food segment within FMCG, driven by good execution and share gain-led growth. For non-FMCG sectors, it highlights the strong performance of hotels and expects paper quality to improve from FY25. This analysis provides a comprehensive outlook on ITC’s business segments and their potential growth trajectories.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
