The target implies a potential upside of around 24% from Phoenix Mills’ closing price of ₹1,860 on Wednesday.
BoFA Securities views Phoenix Mills as a high-quality compounder with a healthy balance sheet.
The brokerage expects an uptick in occupancy, mark-to-market rental growth and the addition of new malls and office assets to drive a 20% compound annual growth rate (CAGR) in EBITDA over FY26-29E, with growth expected to accelerate each year.
BoFA Securities also sees a long runway for retail capacity addition in India, with Phoenix Mills expected to remain active in acquiring new land.
Of the 22 analysts covering Phoenix Mills, 19 have a ‘Buy’ rating, while three have a ‘Sell’ recommendation on the stock.
Shares of Phoenix Mills ended 1.44% higher at ₹1,860 on Wednesday. The stock is broadly flat on a year-to-date basis.
