ITC gains 2.5% as Credit Suisse, Jefferies see up to 31% upside in stock

Credit Suisse has upgraded ITC stock from 'Neutral' to 'Outperform' banking on recovery in the firm's cigarette and hotels business in FY22.

Shares of ITC Ltd advanced 2.5 per cent to hit an intra-day high of Rs 207.7 on the BSE on Wednesday, and was trading as the top gainer on the 30-share S&P BSE Sensex index in noon deals, after foreign brokerages Credit Suisse and Jefferies maintained positive outlook on the company based on the company's recovery prospects and best in class ESG (environmental, social, corporate governance) measures.

In a report dated December 8, Credit Suisse upgraded the stock from 'Neutral' to 'Outperform' banking on recovery in the firm's cigarette and hotels business in FY22. The firm revised upwards its 12-month