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CLSA Reduces ITC Share Price Target Amid Tax Concerns; Kotak Cites Increased Competition
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ITC Shares Face Headwinds: CLSA Cuts Target on Tax Woes, Kotak Cites Rising Competition
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CNBC TV18
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24-02-2026, 09:06
ITC Shares Face Headwinds: CLSA Cuts Target on Tax Woes, Kotak Cites Rising Competition
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CLSA maintains 'Outperform' but slashes ITC's price target by 24% to ₹367 due to tax uncertainties.
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Brokerage estimates ITC needs a 33% cigarette price hike to maintain EBIT neutrality, fearing volume impact.
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Kotak Institutional Equities holds a 'Reduce' rating with a ₹338 target, highlighting a 25% price hike vs. 35% needed.
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Kotak notes ITC's delayed price hike, matching Godfrey Phillips India, signaling increased competition in RSFT segment.
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15 analysts recommend 'Buy', 9 'Sell', and 15 'Hold' for ITC shares, which are down 11% in 2026.
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