Shares of Titan Company gained 2% to the day’s high of Rs 5,030 on the BSE on Monday after the consumer discretionary major reported a 63% year-on-year (YoY) jump in consolidated net profit to Rs 1,777 crore for the first quarter, compared with Rs 1,091 crore in the year-ago period.Total income rose 40% YoY to Rs 20,753 crore during the quarter. The jewellery business continued to lead Titan's growth, with revenue from the portfolio rising 43% YoY to Rs 18,253 crore, excluding bullion and digi-gold sales. The company attributed the performance to festive purchases, Akshaya Tritiya sales and its exchange programmes, along with a relatively stable gold price environment during the quarter.Buy, sell or hold Titan shares?Citi has maintained its Buy rating on Titan Company and raised its target price to Rs 5,700 from Rs 5,075 earlier, implying an upside of around 15% from the current market price of Rs 4,943. The brokerage said jewellery revenue and EBIT growth remained strong after excluding bullion sales and one-offs, and expects Titan to deliver healthy double-digit revenue growth irrespective of gold price movements.Also read: Titan sees positive momentum in July; on track to beat FY30 growth targets: MDCiti sees further scope for margin improvement from a lower contribution from gold-coin sales and a higher mix of studded jewellery. While plain gold jewellery saw some softness towards the end of July, trends have improved in recent days. The brokerage has also raised its FY27-29 EPS estimates and rolled forward its target multiple, supporting the increase in the target price to Rs 5,700.Motilal Oswal retained its Buy call and target price of Rs 6,000 (21% upside) and has raised its EPS estimates by 3-4% for FY27 and FY28. The brokerage believes Titan continues to outperform other branded players on the back of its strong competitive positioning across sourcing, studded jewellery, youth-centric focus and reinvestment strategy. It expects Tanishq's strong brand recall and business moat to sustain its competitive edge.With store count reaching 3,551 as of June 2026, the brokerage sees further room for expansion, while the non-jewellery business is also scaling up and could support medium-term growth. It added that industry formalisation and greater stability in gold prices could improve margin visibility. Motilal Oswal expects Titan to remain the bellwether of the jewellery industry and the best positioned among leading players, modelling 18% sales CAGR, 22% EBITDA CAGR and 25% APAT CAGR over FY26-28E.Nuvama has downgraded Titan Company to Hold from Buy following the stock's sharp recent run-up, while raising its target price from Rs 5,030 to Rs 5,241 (6% upside). The brokerage has tweaked its FY27/28 revenue estimates by -0.5%/-0.5% and PAT estimates by -0.6%/+0.3%, respectively. It highlighted risks from a possible reduction in the current 10% customs duty, which has contributed to rampant smuggling, while any further hike could also hurt the company.A deterioration in macro conditions could prolong a slowdown in growth as Titan's revenue is linked to discretionary spending. Volatility in gold prices is another key risk, as steep price increases can weigh on demand, while investment buying tends to be lower margin.Read more: How Rakesh Jhunjhunwala's old Tata bet created Rs 80,000 crore wealth after two years of flat returnsEmkay, with an Add rating and a target price of Rs 5,600, believes Titan has eased concerns around a possible slowdown in growth following the recent decline in gold prices and has reiterated its Analyst Day guidance of more than doubling revenue and EBIT over FY26-30, implying around 20% CAGR.Despite significantly outperforming the Nifty over the last 12 months, Titan is trading at a 5-6% valuation discount to DMART and TRENT. The brokerage sees scope for further re-rating, supported by Titan's strong execution track record and favourable growth outlook. It has raised its valuation multiple to 60x, closer to its historical average.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)