ITC
12.01.2023 - Nomura on ITC Maintain Neutral CMP 329.5 Target 360
26.12.2022 - ANTIQUE on ITC Maintain Buy CMP 329.5 Target 419
09.11.2022 - BOFA on ITC Maintain Buy CMP 353.7 Target 415
02.08.2022 - CLSA on ITC Maintain Outperform CMP 309.3 Target 330
02.08.2022 - MS on ITC Maintain Overweight CMP 309.3 Target 330
08.07.2022 - MS on ITC Maintain Overweight CMP 293.05 Target 293
30.06.2022 - MOTILALOSWAL on ITC Maintain Buy CMP 272.15 Target 335
16.06.2022 - MOTILALOSWAL on ITC Maintain Buy CMP 260.4 Target 335
19.05.2022 - MS on ITC Maintain Overweight CMP 266.80 Target 293(PREVTGT 276)
04.02.2022 - CITI on ITC Maintain Neutral CMP 234 Target 245
04.02.2022 - CLSA on ITC Maintain Buy CMP 234 Target 285
02.02.2022 - MS on ITC Maintain Overweight CMP 231 Target 251
02.02.2022 - Jefferies on ITC Maintain Buy CMP 231 Target 300
02.02.2022 - INVESTEC on ITC Maintain Buy CMP 231 Target 258
I SEC on ITC : 19.01.2022
* (Time to add) ADD, TP Rs 250
* Besides, focus continues on augmenting (overall) distribution See
1) potential market share gains in cigarettes
2) FMCG scale up & profitability improvement to continue
3) potential to accelerate cost savings through a supply chain recast
16.12.2021 - CS on ITC Limited - Maintain Outperform - Target 280
15.12.2021 - CLSA on ITC Limited - Maintain Buy - Cmp 228.20 Target 275
15.12.2021 - JPMORGAN on ITC Limited - Maintain Neutral - Cmp 220.80 Target 238
15.12.2021 - JEFFERIES on ITC Limited - Maintain Buy - Cmp 228.20 Target 300
15.12.2021 - Morgan Stanley on ITC Limited - Maintain Buy - Cmp 228.20 Target 251
15.12.2021 - UBS on ITC Limited - Maintain Buy - Cmp 228.20 Target 280
JPMORGAN ON ITC : 02.06.2021
* MAINTAIN NEUTRAL TARGET: 225
* JPMorgan maintains Neutral rating on ITC after Q4 earnings
* In-line Q4 EBITDA Boosted By Agri
* Cigarette Growth Underwhelming; Other FMCG/Paper In-line
* Dividend Payout Rose In F21 To 100%
* Valuation At 16x F23e P/E Are Undemanding
MORGAN STANLEY ON ITC : 02.06.2021
* MAINTAIN OVERWEIGHT TARGET: 251
* MS maintains Overweight rating on ITC with Q4 earnings in-line with its expectation & consensus
* Revenue Growth Ahead Of Our Estimate
* Earnings In-line With Our Expectation & Consensus
* Cigarette Volumes Up 7 8% YOY, In-line With Consensus
CLSA ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 265
* CLSA maintains Buy rating on ITC, but cut earnings estimates for its cigarette business by 3%
* Cut Earnings Estimates For Its Cigarette Business By 3%
* Inflationary Setting Is Likely To Influence Its Near-term Margin
* Remain Confident In The Improving Margin Trajectory For Other FMCG Biz
MORGAN STANLEY ON ITC : 02.06.2021
* Maintain Overweight, Target at Rs 251/share
* Revenue growth was ahead of our estimate; But earnings were in line with our expectation and consensus
* Cigarette volumes were up 7-8% YoY ( in line with consensus)
* Steady recovery across segments
GOLDMAN SACHS ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 242
* GS has a Buy call ITC but lowers FY22-24 EPS estimates by 4-7%
* EBIT Miss On Cigarette Volumes & FMCG Margin
* Valuation Does Not Fully Reflect Combination Of Yield & Growth Potential
* Lower FY22-24 EPS Estimates By 4-7% Post Result Cuts Largely Driven By Lower
* Volume/Margin In Tobacco Segment
JPMORGAN ON ITC : 02.06.2021
* Maintain Neutral, Target at Rs 225/share
* In-line Q4 EBITDA boosted by agri; Cigarette growth underwhelming
* Agri benefits from one-off export opportunity
* Hotel losses moderate QoQ; Paper EBIT in-line
CITIBANK ON ITC : 02.06.2021
* Maintain Neutral, Target at Rs 215/share
* ITC's overall revenues exceeded expectations
* Reported EBITDA/PBT growth of 7%/8% YoY
* Cigarette and other FMCG profit growth was softer than forecast
UBS ON ITC : 02.06.2021
* MAINTAIN BUY TARGET: 260
* UBS has a Buy call on ITC with a target of Rs 260/Sh
* Cigarette Volumes Recover To Pre-Covid Levels In Q4
* FMCG (non-cigarette) Ramp-up Continues; Sunrise Foods Integrated
* Total Dividend Of *10.75/Sh For FY21 (+ 5.9% YoY); Dividend Yield Of 5% At CMP
MORGAN STANLEY ON ITC : 26.07.2021
* Maintain Overweight, Target at Rs 251/share
* Cigarette volumes surprise positively
* Earnings beat led by performance in all businesses, except FMCG
* Other expenses fell 15% QoQ, aided by ITC's cost control initiatives
CLSA ON ITC : 26.07.2021
* ITC's cigarette margin aided by positive operating leverage & holds potential for further expansion; other FMCG revenue growth in-line at 10%; FMCG margin at 8%, expanded 40 bps YoY. Here's more by CLSA on the tobacco major
* Cigarette EBIT Margin Expanded 210 bps YoY
* Cigarette Margin Aided By Positive Operating Leverage & Holds Potential For Further Expansion
* Other FMCG Revenue Growth In-line At 10%; FMCG Margin At 8%, Expanded 40 bps YOY
* With Expected Normalcy, See A Recovery In Its Overall Business & Margin Profile
* With Steady Expansion In Its Margin & A Reduction In Capex, K-shaped Trend
* MAINTAIN BUY TARGET: 265
JEFFERIES ON ITC : 26.07.2021
• Maintain BUY, Target at Rs 275/share
Pandemic-related disruption impacted most consumer companies
• Management showed agility during times of disruption
• Raise EPS by 2-4% and view ITC as a high conviction Buy with Rs 275
MORGAN STANLEY ON ITC : 26.07.2021
* Q1 earnings beat by ITC led by better-than expected performance in all businesses except FMCG, MS maintains OVERWEIGHT on the stock
* Revenue & Profits Ahead Of Estimates
* Cigarette Volumes Up 33% YOY, Ahead Of Consensus Of 24-28%
* Earnings Beat Led By Better-than Expected Performance In All Biz, Except FMCG
* Other Expenses Fell 15% QOQ, Aided By ITC's Cost Control Initiatives
* MAINTAIN BUY TARGET: 251
CLSA ON ITC : 26.07.2021
• Maintain BUY, Target at Rs 265/share
* Recovery momentum to accelerate with normalcy, maintain BUY
* Cigarette volume grew 33% and its margin was at 73.7%
• Other FMCG revenue grew 10% (2-year CAGR of 10%)
CITI ON ITC : 26.07.2021
* No major surprises in ITC's Q1 results across various segments, Citi says, maintains NEUTRAL rating on the stock
* Operationally, No Major Surprises In Q1 Results Across Various Segments
* Revenue & EBITDA Grew 37% & 51% Respectively On Very Low Base Of Last Year
* Lower Other Income Led To A Weaker-than-expected Profit Of 3,010 Cr Vs Estimate Olf 3,230 Cr
* Remain On Sidelines
* MAINTAIN NEUTRAL TARGET: 210