Morgan Stanley has an “overweight” call on the stock with a price target of ₹52,064 per share. The stock ended the previous session at ₹42,110 apiece.
The brokerage said it believes the share price will rise relative to India’s benchmark index over the next 45 days.
For the September quarter, Morgan Stanley is expecting a 5% volume growth for Page Industries, compared to 2% in the June quarter. Topline growth is estimated at 6% for the quarter.
Morgan Stanley expects Page Industries to remain a strong beneficiary of the upcoming demand recovery. This will be supported by government measures with regards and by the company’s own efforts to revive growth. The 5% GST threshold on innerwear was increased to ₹2,500 per piece recently.
The brokerage has estimated a 80% probability for this scenario to playout.
Of the 24 analysts that have coverage on the stock, nine have a “buy” rating, five a “hold” rating and 11 have a “sell” rating.
Page Industries shares were up 0.55% at ₹42,340 apiece. The stock has declined 11.4% this year, so far.
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