Brokerages are bullish on ITC

According to leading brokerage firms, ITC's stock price has dropped by approximately 20 percent from its highest point. This decline presents an opportunity for investors to buy, as the valuations become appealing.The correction in ITC's stock price came after the news of a stake sale by British American Tobacco. HSBC mentioned that this correction indicated an attractive valuation for ITC's cigarette business. Despite concerns about taxation, this situation offers a favorable opportunity for buying.Consequently, HSBC has upgraded its recommendation for ITC to 'buy', with a price target of Rs 480 for the stock.

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