India's Phoenix Mills up after HSBC doubles target price

The Phoenix Mills

07/03/2024 08:40

** Shares of Phoenix Mills  PHOE.NS  up 2.8% to 2,783.85
rupees
    ** HSBC Global Research doubles PT to 3,130 rupees from
1,600; maintains 'buy' rating
    ** Expects stabilisation of new malls and office portfolio
to drive high double-digit earnings growth over next three years
    ** Office leasing progress and mall ramp-ups are key
catalysts for growth; risks include competition from residential
developers, capital allocation, and regulatory or pandemic
restrictions - brokerage
    ** Expansion efforts and growth expectations have led to a
valuation reset, with long-term revenue growth expectations
raised to 5% from 4.5% - HSBC
    ** Mean rating of 15 analysts is "buy", median PT is 2,555
rupees with HSBC's PT ranking as second-highest - LSEG data

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))