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CLSA has downgraded India’s biggest cigarette maker ITC to “sell’’ from “buy’’ and has cut the target to Rs 330.
Shares of ITC slipped 8 per cent on Saturday after the budget raised the excise duty on cigarettes by 15-25 per cent.
CLSA has cuts EPS estimates by 5-10 per cent over FY16-17.
It says inclusion of tobacco taxation under ‘Public Health’ seems to be a departure from the past objective of revenue maximisation.
Religare has downgraded the stock to “hold’’ from “buy’’ and reduced the target to Rs 360 from Rs 420.
Jefferies has maintained “buy’’ but has cut the target to Rs 419 from Rs 426. The stock has 32 buy, 6 hold, and 3 sell ratings, according to Thomson Reuters Eikon data.
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