Strong consumption growth, improving occupancies and a healthy pipeline of new assets are supporting Phoenix Mills' stock, prompting brokerages to upgrade earnings estimates
Geojit has upgraded its rating on the stock to 'Buy' from 'Hold', with a revised target price of ₹1,996, based on 5.4x FY27E adjusted book value per share (BVPS
The brokerage gave a target of ₹1,350 per share, implying 15.3 per cent downside from Friday's close at ₹1,595.1 per share. The brokerage also sees the stock as "expensive" given current valuations
Nifty has now surpassed the previous swing high of 25,154, resulting in higher top formation preceded by higher bottom on the daily chart.
On the bourses, Phoenix Mills share has gained nearly 3 per cent over the past month, although it remains 4.5 per cent lower on a year-to-date (YTD) basis.