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Buy ITC, target of Rs 250: Nirmal Bang

Posted on: June 13th, 2009 and is filed under Brokerage Recommendations.

Nirmal Bang has recommended a buy rating on ITC with a target price of Rs 250 in its June 10, 2009 research report.

“At the CMP of Rs 194 per share, the stock is currently trading at a PE of 17.1x FY10E & 14.6x FY11E, which looks quite attractive when compared to the peers in the industry. The FMCG segment as a whole trades at an Average PE of around 24x earnings. ITC historically has traded in the PE range of 21x to 27x with an average PE of around 24x.We recommend a ‘BUY’ rating on the stock with a Price target of 250 per share (PE of 22x FY10E) an upside of 29% over a period of one year,” says Nirmal Bang’s research report.

source: Moneycontrol

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