ITC Hotels shares may rally by 30% led by strong franchise: Jefferies

ITC Hotels: Jefferies initiated coverage on ITC Hotels (ITCH) with a ‘buy’ rating and a target price of Rs 240, citing strong growth potential. It projects a 16%/19% CAGR in EBITDA/PAT over FY24-FY27e and expects occupancy in India to rise to 75% by FY27. ITCH’s debt-free balance sheet and strategic expansion plans support long-term growth, despite short-term challenges in greenfield projects.

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