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Investing.com - UBS raised its price target on Avenue Supermarts (DMART:IN) to INR5,600 from INR5,050 while maintaining a Buy rating on the Indian retail company.
The investment bank expects Avenue Supermarts to accelerate its network expansion, potentially opening 230-250 stores over the next three years compared to approximately 130 stores in the previous three years.
UBS noted that the company is strengthening its e-commerce offering, DMart Ready, which should complement its physical store growth trajectory and enhance its overall market position.
The firm highlighted that Avenue Supermarts has demonstrated resilience against quick commerce disruption, maintaining high single-digit same-store sales growth last year, which UBS attributes to the company’s effective business model targeting value-conscious middle and lower-middle income consumers.
UBS views Avenue Supermarts as a key beneficiary of India’s growing organized grocery retail market, which it estimates at US$600 billion with single-digit organized retail penetration, creating conditions for sustained 18-22% structural growth for many years.
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