India's Emami continues rally, Emkay says stock fairly valued

Emami

01/01/2024 05:09

** Shares of Emami  EMAM.NS  rise as much as 4.41% to 588.60
rupees, their highest since Sept 2021
    ** Stock last up ~2%, taking 3-session rally to about 15%
    ** Emkay Research says recent rally is due to attractive
valuations and sees any drop is an entry opportunity
    ** Brokerage says the FMCG's guidance of mid- to
high-single-digit FY24 rev growth is achievable, with recovery
in rural demand to benefit EMAM
    ** Reiterates "buy" and PT of 625 rupees
    ** The mean rating of 26 analysts on EMAM is also the
equivalent of "buy" and the median PT is 585 rupees - LSEG data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))