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HomeMarket NewsPhoenix Mills shares gain as Macquarie initiates coverage, sees nearly 20% upside
Of the 20 analysts who have coverage on Phoenix Mills, 18 have a "buy" rating and one each have "hold" and "sell" ratings.
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Shares of Phoenix Mills Ltd. gained as much as 3% on Monday, June 15, after brokerage firm Macquarie initiated coverage on the stock.
The brokerage initiated coverage with an "outperform" rating on Phoenix Mills with a price target of ₹2,100 per share, indicating an upside potential of 19.5% from its previous close.
Why Is Macquarie Bullish On Phoenix Mills?
Macquarie said Phoenix Mills is India's largest pure-play name in premium urban consumption. It is operating 11 million square feet of Grade A malls in eight cities.
Phoenix Mills' growth runway is underpinned by three important factors as per Macquarie: As much as 50% of the mall gross leasable area (GLA) is under expansion, a 4x growth in office spaces, and over 900 key hotel buildouts by financial year 2030.
The brokerage said Phoenix Mills' incremental capex of ₹12,000 crore annually is funded through internal accruals.
Macquarie has listed the following triggers on the road ahead for Phoenix Mills:
Commissioning of pipeline malls through financial year 2027 - 2030
Completion of refurbishments at Palladium Mumbai, Marketcity Bengaluru and Marketcity Pune by FY27
Office lease-up at Mall of Asia and Mall of the Millennium.
Is Phoenix Mills A Buy Or Sell?
Of the 20 analysts who have coverage on the stock, 18 have a "buy" rating and one each have "hold" and "sell" ratings.
Shares of Phoenix Mills are trading 1.8% higher on Monday at ₹1,789.3. The stock is still down 4% so far this year, despite a 3% surge in the last one month.
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