Titan rises after Morgan Stanley upgrades stock to ‘Overweight’, raises FY20 EPS by 3%


Titan Company was up 1.5 percent intraday on September 17 after global research firm Morgan Stanley upgraded the stock to overweight from equal weight with a target of Rs 1,300 from Rs 1,110 per share.

The firm is of the view that strong growth in a difficult macro environment should be rewarded by re-rating. The research firm has raised FY20, FY21 and FY22 EPS estimates by 3 percent, 2 percent and 1 percent respectively.

It believes that Titan’s ongoing marketing and promotion spends are unprecedented.

The stock witnessed spurt in volume by more than 1.14 times on September 17.

Rajesh Palviya, Head – Technical & Derivatives Research at Axis Securities has a buy on Titan Company with stop loss at Rs 1,080 for target at Rs 1,156-1,180 signalling a return of 4-6 percent.

The daily as well as weekly strength indicator RSI and the momentum indicator Stochastic both are in positive territory which supports upside momentum to continue in near term. Stock price is sustaining well above its 20, and 50 day SMA which supports bullish sentiments ahead, he added.

At 1025 hrs, Titan Company was quoting at Rs 1,165.90, up Rs 17.40, or 1.52 percent. It has touched an intraday high of Rs 1,175.50 and an intraday low of Rs 1,154.00.

News Source: MoneyControl

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