JEFFERIES ON TRENT ; HOLD | TP ₹3,300 (EARLIER ₹3,435)

• Jefferies maintains Hold rating on Trent and cuts target price to ₹3,300 from ₹3,435. • Retains annual store-opening guidance of 200–250 Zudio stores and 50 Westside stores. • Emerging product categories, online channels and expansion into smaller cities expected to drive future growth. • Flags rising input-cost inflation and intensifying competitive pressures as key concerns. • Lowers valuation multiples amid cost pressures and increasing competition, resulting in a reduced target price.

TRENT LTD

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