After doubling in 6 months, Trent shares rally another 4%. Here are 2 reasons why
Tata-owned Trent soared nearly 4% today, reaching a fresh all-time high of Rs 7,913.45 on the BSE, followed by the global brokerage firm Citi initiating coverage with a buy rating and a target price of Rs 9,250 on the stock, along with the stock's upcoming inclusion in the Nifty50 index next week.
Here is a brief on the 2 updates:
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-113688282»> Citi initiates coverage: Buy rating| Target price: Rs 9,250
The global brokerage firm in its note stated that Trent is outpacing its peers, which is driving the Street upgrades as the company adds organic growth engines.
Citi also sees revenue/EBITDA/PAT CAGRs of 41/44/56% in FY24-27.
“Trent is leveraging its supply chain, as well as learnings from Westside and Zudio. It is a star and can meaningfully scale up other pilot projects,” added Citi.
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