- Kotak Institutional Equities upgraded Metro Brands rating to ‘Add’ from ‘Reduce’
- Target price was cut to Rs 1,000 from Rs 1,050 by Kotak Institutional Equities
- Metro Brands’ value-priced brand Walkway may be a key long-term growth driver
Metro Brands share price has fallen over 23% this year so far, which can be a better entry point for investors, according to Kotak Institutional Equities.
The brokerage firm has upgraded its rating on Metro Brands shares to ‘Add' from ‘Reduce', but slashed the target price to Rs 1,000 from Rs 1,050 earlier.
Kotak Equities believes the listed footwear players have seen some growth improvement post-GST rate cut. It said that normalizing footwear imports was a lead indicator for Metro's S&A acceleration.
According to the brokerage firm, Metro Brands' value-priced footwear brand ‘Walkway' could be a meaningful long-term driver.
Metro Brands Share Price Performance
Metro Brands share price has fallen 10% in one month and has declined 14% in three months. The stock has dropped 23% on a year-to-date (YTD) basis, and has shed 20% in one year. Metro Brands shares have slipped 31% over the past three years.
On Tuesday, Metro Brands share price ended 1.49% higher at Rs 922.90 apiece on the BSE.
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