Buy Dabur; target of Rs 705: Motilal Oswal

Buy Dabur; target of Rs 705: Motilal Oswal

Motilal Oswal is bullish on Dabur has recommended buy on the stock with a revised price target (PT) of Rs. 705 in its research report dated February 03, 2022.







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February 04, 2022 / 01:48 PM IST





Titan Company (TTAN)’s end-of-quarter update released in early January had indicated the strong revenue growth trend in Jewelry, owing to which sales forecasts were in-line. However, there was a big positive surprise on operating margins (the highest in 66 quarters), which drove a comfortable beat on EBITDA and PAT.

Outlook

The Jewelry segment continues to report impressive share gains across large parts of the country; nonetheless, the runway remains long, with less than 10% market share. Impressively, in the absence of any material movement in gold prices in the past year, the mid-30s retail jewelry sales growth was entirely volume-led, and new customer additions continue to be impressive. As the sales momentum remains strong and the share of Studded Gold returns to earlier levels, the earnings growth outlook remains attractive. Maintain BUY.

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