Brokerage Keeps Buy Rating on ITC Shares with High Target Price

ITC faces pressure on cigarette sales volume due to tax changes, but the company is balancing these losses by raising prices and boosting profit margins. Brokerage firm 360 ONE Capital Research is keeping its buy rating on the company with a target price of 440 rupees per share. The stock recently traded at 266 rupees following a sharp drop over the past year. Analysts point out that growth in non-tobacco sectors and recovering profits will help offset tobacco business challenges as these changes start showing in earnings.