Goldman Sachs downgrades Titan to ‘neutral’

The investment banker remains positive on growth for Titan but saw limited upside at current valuations.

Written by Agencies | Published: February 23, 2012 10:52:15 am

Goldman Sachs has downgraded watches and jewellery maker Titan Industries to ‘neutral’ from ‘buy’ as a recent rise of its stock has has priced in the company’s high returns and growth potential.

However,we see limited likelihood of earnings upgrades as the demand scenario for jewellery still remains uncertain,Goldman Sachs said in a note.

The investment banker remains positive on growth for Titan but saw limited upside at current valuations.

At 10.23 a.m the stock was up 0.84 per cent at 228.20 rupees.

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