Buy Titan Company, target price Rs 4,300: Motilal Oswal Financial Services

Titan has reduced the gold premium compared to peers in a calibrated manner, which has been compensated with other initiatives to protect operating margin. The management believes that jewelry EBIT margin of 12-13% is sustainable despite rising competition. LGDs have seen success in many developed countries, yet TTAN is not sure it would participate in LGDs.