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Investing.com - HSBC has upgraded Page Industries Ltd. (PAG:IN) stock rating from Reduce to Hold, maintaining a price target of INR41,040.00.
The rating change comes after a correction in the company’s valuation, which HSBC believes now properly reflects the underlying performance trends of the business.
HSBC analyst Nihal Jham made no changes to estimates or target prices in the report announcing the upgrade.
The previous Reduce rating had suggested investors should decrease their holdings in the Indian apparel manufacturer.
Page Industries is known as the exclusive licensee of Jockey International in India and several neighboring countries, as well as Speedo in India.
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