Nykaa shares gain after Jefferies cuts target price but sees 41% upside

The brokerage firm has reduced its target price to Rs 200 from Rs 275, still implying a potential upside of 41% from current levels.

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Shares of FSN E-Commerce Ventures Ltd, the parent company of Nykaa, gained over 1.99 percent in early trade on February 7 after the brokerage firm Jefferies slashed the price target but maintained a ‘buy’ call on the stock.

The brokerage firm has reduced its target price to Rs 200 from Rs 275, still implying a potential upside of 41 percent from current levels.

“We reduce our PT to Rs 200 on lower multiples to factor in the pullback in valuation for retailers in the context of near-term slowdown concerns,” Jefferies said in a note on February 6.

Explaining the rationale behind the target price cut, Jefferies said: “Concerns on urban demand are rising due to factors like high base and slowing IT hiring, and the impact is evident in certain segments.”