New Delhi, Sept. 19 -- ITC is entering a crucial phase where the pressure on cigarette volumes is being weighed against improving realisations, a recovery in profitability and growth opportunities across its non-tobacco businesses. After a sharp decline over the past year, the stock is now being backed by 360 ONE Capital Research, which sees significant upside as these factors begin to reflect in earnings.

The brokerage has maintained its BUY rating on ITC with an unchanged target price of Rs.440 per share, compared with the current price of Rs.266. That implies a potential upside of around 68% from its previous close of Rs.262.20 per share on BSE.

"We continue to maintain BUY rating on the stock with a target price of Rs.440/share (unc...