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Investing.com - Morgan Stanley (NYSE:MS) has upgraded Avenue Supermarts (DMART:IN) from Underweight to Equalweight while raising its price target to INR4,552.00 from INR3,350.00.
The upgrade comes after Avenue Supermarts management provided revenue growth guidance of 18-25% CAGR over the medium term, significantly higher than recent performance levels.
Morgan Stanley noted that the company’s previous growth slowdown was "self-inflicted" as its pace of store expansion had not kept up with revenue scale, but management appears to have built "the right levers to expand the store network."
The research firm expressed confidence that competitive pressures from quick commerce appear manageable for the company, with Avenue Supermarts expected to maintain current margin levels despite industry competition.
Morgan Stanley suggested that these factors create "a strong case for de-rating to pause," though further re-rating would depend on the company’s actual delivery of its projected growth targets.
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