Britannia Posts Longest Gaining Streak In Six Months
The stock of Britannia Ltd. has advanced for the eighth straight session, its longest winning streak since September last year.
The stock hit a new lifetime high even as consensus continues to remain bullish. Seventy-nine percent of the 38 analysts tracked by Bloomberg have a ‘buy’ rating on the biscuit maker with only one analyst recommending a ‘sell’ on the stock. The consensus 12-month price target is Rs 5,268 per share.
Why Are Analysts Bullish?
Broking firm Haitong said in a report the company’s focus on strengthening distribution and direct reach efforts are paying off and driving sales. Britannia will continue to trade at premium to historical valuations owing to its growth prospects, the firm added.
Goldman Sachs also remains positive on the company on improving operating leverage and cost optimisation measures.