Nomura Raises Target Price for Titan to Rs 4,500, Maintains Buy Rating

Nomura has raised its target price for Titan, a consumer lifestyle major owned by Rekha Jhunjhunwala, to Rs 4,500 from Rs 4,275, citing continued demand momentum and festive-season strength in jewellery sales. The brokerage maintained its 'Buy' rating on the stock, which has gained nearly 15% so far this year. Nomura expects Titan's earnings per share to grow at a 24% CAGR over FY26-28 and values the company at 60x Dec-27 forward earnings.