India's Go Fashion rises; Philip Capital initiates with 'buy'

Go Fashion (India)

04/11/2024 09:35

** Shares of Go Fashion  GOFA.NS  climb as much as 2.6% to
1,204.05 rupees, before paring some gains amid slump in broader
markets  .BO 
    ** Philip Capital starts with "buy"; PT of 1,475 rupees -
~26% premium to last close
    ** Says gradual margin improvement, diverse product
portfolio with affordable pricing and exclusive brand outlets
are key positives
    ** Adds co's annual growth is driven by premiumisation and
launch of product lines
    ** Says GOFA differentiated itself from peers on growing
retail presence, prominent market share in women's bottom-wear
    ** Stock rated "buy" on avg, same as peer Trent  TREN.NS ,
while Aditya Birla Fashion  ADIA.NS  rated "sell" - LSEG
    ** GOFA down ~6% YTD vs 34% and 131% gains in ADIA and TREN,
respectively

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))