Shares of Nestle India climbed as much as 2 per cent to an all-time high of Rs 8,924.90. The stock was on track to gain for a fourth straight session.

Goldman Sachs has raised CY2018-20 EPS estimates for Nestle India by 3-5 per cent to reflect higher sales growth. It has forecast average domestic sales growth of 15 per cent over CY18-20 driven by demand for new products like Greek yogurts and brand extensions under the Milkmaid brand.

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Goldman Sachs has raised the price target to Rs 7,354 from Rs 6,786; it has kept 'neutral' rating on the stock.

CLSA says strong growth in earnings along with reduction in working capital drove free cash flow growth of 20 per cent y-o-y in 2017.

It has raised the price target to Rs 9,750 from Rs 8,950, but downgraded the stock to 'outperform' from 'buy', citing a 13 per cent surge in the past one month.

The brokerage says Nestle trades at 54x one-year forward PE which should sustain in the context of 19 pct EPS compound annual growth rate.

Of 32 analysts covering stock, 22 have a “buy” or higher rating, 6 “hold”, while 4 at “sell” or lower ratings; the median price target at Rs 8,650, according to Thomson Reuters Eikon data.

The stock has risen over 27 per cent in nearly 10 weeks up to Monday since hitting a multi-month low on February 8 versus a 2 per cent gain in the Nifty FMCG index.

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