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Investing.com - Goldman Sachs initiated coverage on Page Industries Ltd. (NS:NSE:PAGE) with a buy rating and a price target of INR52,000.00 on Tuesday.
The investment bank cited signs that industry inventory levels have normalized after approximately two years of excess inventory, which should benefit the Indian apparel manufacturer going forward.
Goldman Sachs expects Page Industries’ sales growth to converge with retail level growth in fiscal year 2026 as "the distribution channel correction drag fades out," according to its research note.
The firm noted that excess inventory on competitors’ balance sheets has also moderated, indicating that "unsustainable channel practices" such as distributor incentives and channel discounts to offload inventory are likely behind, which should create a better trading environment for Page Industries.
Goldman Sachs projects Page’s innerwear segment to achieve a compound annual growth rate of approximately 12.2% over fiscal years 2025-2028, compared to about 8% growth during the 2018-2025 period.
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