Titan share price on track for 3-day gain; JPMorgan keeps ‘overweight’ stance

Titan Company share price gained nearly 3 percent intraday on march 16 after research house JPMorgan rated ‘overweight’ with a target price of Rs 3,000 per share.

At 10:12 hours, Titan Company was quoting at Rs 2,463.05, up Rs 65.00, or 2.71 percent, and touched an intraday high of Rs 2,463.05 and an intraday low of Rs 2,412.85.

The stock is the top gainer on both exchanges.

Titan Company is a preferred discretionary play and expects market share gains to be a core growth driver, supported by strategic initiatives, said JPMorgan.

JPMorgan also believes that Titan is well-positioned to achieve its targeted 20 percent jewellery revenue compound annual growth rate (CAGR) over FY22-27.

The research agency expects the company’s margins to remain stable at 12-13 percent and any drag from rising gold prices and growing share of exchange should be mitigated by a better mix.

The share touched a 52-week high of Rs 2,790 and a 52-week low of Rs 1,827.15 on October 31, 2022 and July 1, 2022, respectively.