Street Calls of the Week
Investing.com - ICICI Securities has raised its price target on Reliance Industries (RELIANCE:IN) to INR1,735 from INR1,610 while maintaining a Buy rating on the stock.
The upgrade reflects ICICI Securities’ improved outlook for Reliance’s digital services division, with analyst Probal Sen citing enhanced growth and valuation prospects for Reliance Jio Platforms Limited (JPL).
The research firm has shifted to an EV/EBITDA valuation methodology for the digital services segment to better capture the improved operational landscape for both core mobility and additional digital businesses.
ICICI Securities also highlighted strong retail momentum, visible progress in new energy initiatives, and the rising importance of Reliance’s media segment as key factors supporting robust earnings projections.
The firm forecasts a consolidated EPS CAGR of 15% for Reliance Industries over FY26-28, with free cash flow yields and return ratios expected to improve ahead of earlier expectations.
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