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Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades, as well as share price target upgrades are available for companies in Industry - Cigarettes-Tobacco Products.

Broker Research reports: latest Upgrades for Industry - Cigarettes-Tobacco Products

Reco - This broker has downgraded this stock from it's previous report.
(eg. - Buy->Hold)

Target - Broker has maintained previous recommendation but reduced share price target.

Reco - This broker has upgraded this stock from it's previous report.
(eg. - Sell->Hold)

Target - Broker has maintained previous recommendation but increased share price target.

Click on any table column to sort reports by date, stock name, broker, price, target, upside or recommendation.

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report		Discuss
	31 Oct 2025	ITC	ICICI Direct Target	406.85	505.00	420.35 (-3.21%)	24.12	Buy	pdf post cache		Broker Report ITC Ltd. ICICI Direct About the stock: ITC is diversified consumption play with presence in businesses such as cigarettes, FMCG, Agri and Paperboard, Paper & Packaging (PPP) in India. Its strategy hinges towards utilising funds generated from cash cow cigarette business in improving the growth of FMCG and other businesses. The company... pdf Copy Link Share on Share on Share on Share on Alert
	22 May 2025	ITC	Prabhudas Lilladhar Reco Target	406.85	538.00	426.10 (-4.52%)	32.24	Buy	pdf post cache		Broker Report ITC (ITC IN) Q4FY25 Result Update Recovery to... Prabhudas Lilladhar We are upgrading ITC from Accumulate to BUY as we expect current margin/growth pressures to subside post 1H26. ITC is suffering margin pressure in cigarettes (high leaf tobacco prices and volume focused strategy), Paper (High wood prices and dumping) and FMCG (Tepid volumes, high input costs and hit in stationary business). However, we expect the scenario to change as leaf tobacco prices have started softening in current season, new wood supplies, integration of century paper and bottomed out margins (~40%... pdf Copy Link Share on Share on Share on Share on Alert
	20 Feb 2025	ITC	Geojit BNP Paribas Reco Target	406.85	449.00	402.05 (1.19%)	10.36	Buy	pdf post cache		Broker Report ITC LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	06 Feb 2025	ITC	Prabhudas Lilladhar Target	406.85	530.00	441.10 (-7.76%)	30.27	Accumulate	pdf post cache		Broker Report ITC LIMITED EQUITY Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	30 Dec 2024	ITC	Sharekhan Target	406.85	595.00	477.00 (-14.71%)	46.25	Buy	pdf post cache		Broker Report Unlocking value through hotels business demerger Sharekhan ITC will complete the demerger of its hotel business effective on 1st January, 2025 with the hotel business getting listed as a separate entity on 6th January, 2025. ITC will have 40% stake in the hotel business, while the remaining 60% will be distributed to ITC’s shareholders in proportion to their holdings. pdf Copy Link Share on Share on Share on Share on Alert
	31 Oct 2024	ITC	Geojit BNP Paribas Target	406.85	524.00	488.80 (-16.77%)		Hold	pdf post cache		Broker Report ITC LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2024	ITC	Motilal Oswal Target	406.85	575.00	489.10 (-16.82%)		Buy	pdf post cache		Broker Report Resilient cigarette, but muted FMCG performance Motilal Oswal ITC delivered a consolidated revenue growth of 8% YoY (in line) in 1QFY25. Gross cigarette revenue grew 6% YoY led by volume growth of ~3% YoY. pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2024	ITC	Axis Direct Target	406.85	550.00	489.10 (-16.82%)		Buy	pdf post cache		Broker Report Result Update:ITC Axis Direct With an upside potential of 12% from the CMP, we maintain our BUY rating on the stock. pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2024	ITC	BOB Capital Markets Ltd. Target	406.85	575.00	489.10 (-16.82%)		Buy	pdf post cache		Broker Report ITC (BUY): 1QFY25 earnings review BOB Capital Markets Ltd. Hotels and Agri segments drove sales with subdued performances in FMCG and cigarettes pdf Copy Link Share on Share on Share on Share on Alert
	30 Jan 2024	ITC	BOB Capital Markets Ltd. Target	406.85	532.00	438.05 (-7.12%)		Buy	pdf post cache		Broker Report ITC (BUY): Cigarette and paperboard businesses disappoint BOB Capital Markets Ltd. Cigarette business had a soft quarter while FMCG-others remained resilient, and hotels posted its best quarter on a high base pdf Copy Link Share on Share on Share on Share on Alert
	20 Oct 2023	ITC	Prabhudas Lilladhar Target	406.85	492.00	438.30 (-7.18%)	Target met	Accumulate	pdf post cache		Broker Report ITC LIMITED EQUITY Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	19 Oct 2023	ITC	Sharekhan Target	406.85	515.00	438.30 (-7.18%)	Target met	Buy	pdf post cache		Broker Report ITC Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	16 Aug 2023	ITC	BOB Capital Markets Ltd. Target	406.85	523.00	450.25 (-9.64%)		Buy	pdf post cache		Broker Report ITC (BUY): Robust growth and margins BOB Capital Markets Ltd. Cigarettes business delivered sustained volume growth in Q1 at ~10% YoY; innovation remains in focus pdf Copy Link Share on Share on Share on Share on Alert
	15 Aug 2023	ITC	Motilal Oswal Target	406.85	535.00	449.20 (-9.43%)		Buy	pdf post cache		Broker Report Cigarettes volume growth continues ? ITC reported healthy cigarette volume growth of 8 % Motilal Oswal pdf Copy Link Share on Share on Share on Share on Alert
	15 Aug 2023	ITC	ICICI Securities Limited Target	406.85	500.00	449.20 (-9.43%)	Target met	Accumulate	pdf post cache		Broker Report Cigarettes and FMCG shine; hotels hold steady ICICI Securities Limited As expected, Cigarette business continues to report strong revenue growth (+13% YoY, volumes up ~8% in 1Q) driven by market share gains from informal segment due to (1) stability in taxes and (2) deterrent action by enforcement agencies. pdf Copy Link Share on Share on Share on Share on Alert
	27 Jul 2023	ITC	Prabhudas Lilladhar Target	406.85	478.00	465.05 (-12.51%)	Target met	Accumulate	pdf post cache		Broker Report ITC LIMITED EQUITY Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	20 Jul 2023	ITC	Axis Direct Target	406.85	540.00	478.85 (-15.04%)		Buy	pdf post cache		Broker Report Axis Annual Analysis:ITC Axis Direct we recommend a BUY rating on the stock with a revised Target Price (TP) of Rs 540 per share. This implies an upside potential of 13% from the current market price (CMP). pdf 1 Copy Link Share on Share on Share on Share on Alert
	25 May 2023	ITC	Geojit BNP Paribas Reco Target	406.85	478.00	441.15 (-7.78%)	Target met	Buy	pdf post cache		Broker Report ITC LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	19 May 2023	ITC	ICICI Direct Target	406.85	500.00	419.85 (-3.10%)		Buy	pdf post cache		Broker Report ITC Limited ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	19 May 2023	ITC	Axis Direct Target	406.85	480.00	419.85 (-3.10%)	Target met	Buy	pdf post cache		Broker Report Result Update:ITC Axis Direct Recommendation With an upside potential of 14% from the CMP, we maintain our BUY rating on the stock. pdf Copy Link Share on Share on Share on Share on Alert
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