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HSBC maintained a 'buy' rating on FSN E-Commerce Ventures Ltd , and raised its target price by 44.2% to Rs.250 FSN E-Commerce Ventures Ltd is well positioned to capture long-term value in business, planning, and co-ordination segment with its scale and leadership, HSBC said. Expects the BPC e-commerce market to grow at a 20-30% CAGR over the coming decade Expects revenue to double every 2-3 years over the next five years Valuation is appealing and implies c17% long-term earnings growth U.S. Dollar Index at 102.22 U.S. 10-year bond yield at 4.02% Brent crude up 0.35% at $76.39 per barrel Nymex crude up 0.20% at $70.91 per barrel Bitcoin down 1.51% at 46,404.19 GIFT Nifty was trading 0.02% or 3.5 points higher at 21,705 as of 8:19 a.m. Assigns 'sell' with price target of Rs 35,400 See risk to near-term topline, profitability Demand headwinds in athleisure and active wear MBO reach expansion slowing down, limited success in kids wear Risk arising from likely change in strategy from recent management changes Estimates 12% and 19% revenue and EPS CAGR over FY23-26 Maintain 'buy' on PI Industries with TP of Rs 4,290 Downgrade SRF to Underperform with TP of Rs 2,140 Maintains Hold on Navin Fluorine, awaits onboarding of new MD Expect SRF business recovery to lag the recent stock rally Expect growth normalization towards historical average by CY24 end
Read more: bloombergquint
