Nykaa Shares Dip 3% As Macquarie Initiates Coverage with 'Underperform', Sees 22% Downside
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Nykaa Share Price Today: The stock of Nykaa fell almost three per cent on Monday, after Macquarie initiated coverage on the cosmetics-to-fashion retailer with an ‘underperform’ rating citing risks to the company’s beauty segment margin. The brokerage has set a target price of Rs 115, signalling a downside of 22% from the current market price of Rs 147.8 per share. Macquarie’s target price for Nykaa is the lowest among brokerages covering the stock. The brokerage firm’s bear case target for Nykaa Rs 70, half the price from the current levels. According to Trendlyne data, FSN E-Commerce Ventures Ltd has an average target of ₹145.00. The consensus estimate represents a downside of 1.56 per cent (negative) from the last price of ₹147.30, it said. According to the brokerage, the beauty etailer faces risks to its beauty unit margin as growth moves to smaller towns, which are mostly offline, and as the competition threat looms. In the fledgling fashion segment, experience from p