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Citi initiates coverage on Page Industries, ABFRL, here’s why

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Citi initiates coverage on Page Industries, ABFRL, here’s why

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Citi has initiated coverage on Page Industries and Aditya Birla Fashion and Retail Ltd (ABFRL) with a target price of Rs 45,400 and Rs 320 respectively.

Citi has initiated coverage on Page Industries and Aditya Birla Fashion and Retail Ltd (ABFRL) with a target price of Rs 45,400 and Rs 320 respectively.

The brokerage house has also upgraded TCNS Clothing to a ‘buy’ from ‘neutral’ with a target price of Rs 870.
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On Page Industries, Citi expects the growth to come back very sharply. There is a big focus now from the management as well and the business is split according to various circles and geographies. So that is the key focus area.
Citi also expects that the premium valuation is warranted in the case of Page Industries, given the strong prospects and the industry leading growth, going forward.
Citi expects even ABFRL to do well from here on.
On TCNS Clothing, Citi expects store expansion and a strong omni-channel play to lead to a strong growth.
Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details
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