Morgan Stanley Has Enhanced ITC To ‘Over Weight’

Morgan Stanley ITC goodMorgan Stanley has enhanced ITC to ‘over weight’ through ‘equal weight’ and it has increased the target price to 184 rupees from 160 rupees. In a note, Morgan Stanley offered 3 drivers for rerating of the share: good fundamentals from cigarette-business, change in belief about ITC’s investment in noncigarette businesses (paper and agri ) and greater dividend pay out.

“We consider the firm will likely be fairly immune to a possible rise in the competition that other FMCG firms may face. Even though regulatory as well as tax threats remain for ITC, the firm has proven strong costs power and has had the oppertunity to capitalise on enhanced farm earnings,” added the note.

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