Titan plunges 10% as analysts de-rate stock following weak Q2 results

The Titan stock plunged 10% on Wednesday, as analysts de-rated the stock following weak Q2 results. The stock ended at Rs 1,154, down Rs 130, on the NSE. The firm’s Q2 earnings came in sharply below Street estimates. Further, Titan cut growth guidance for H2FY20 to 11-13%, from 20%, on account of weak outlook for the jewellery business. CLSA downgraded the stock to ‘sell’, with a price target of Rs 1,025, slashing earnings estimates by 12%. Morgan Stanley, too, downgraded the stock and cut the price target from Rs 1,450 to Rs 1,240. Analysts said Titan is trading at premium