JP Morgan revises Reliance Industries stock target price, sees 33% uptick

The brokerage said it sees continued strength in the refining business, a likely rebound in petrochemical spreads from decadal low levels from China re-opening

JP Morgan, in a report, has noted that Reliance Industries (RIL) offers long-term investors an attractive entry opportunity, citing multiple catalysts including potential listings of consumer businesses, petrochemical growth, and large 5G capex monetisation.

The brokerage revised its target price for the stock to Rs 2,960 from an earlier target of Rs 3,015. On the BSE, the stock ended Thursday at Rs 2,226 apiece

"We view RIL’s recent range-bound stock performance (Rs 2,300 to Rs 2,800) as a period of consolidation. The large foreign sell-off in the stock is supportive from a positioning point of view,' the brokerage said.

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