Citigroup downgraded Trent to sell with the target price drastically cut to Rs 4,350 from Rs 7,150. Analysts said with the overall consumption trend remaining weak bundled with increasing competition, impact of cannibalisation and new store expansion, they expect Trent’s growth rate to moderate further. They cut the company revenue estimates, and earnings before interest, taxes, depreciation and amortisation (EBIDTA) for FY26-FY28. Morgan Stanley has an overweight rating on Nykaa with the target price at Rs 271. Analysts said that in the July-Sept quarter (Q2FY26) the company’s beauty business maintained its momentum, while fashion business's gross merchandise value (GMV) growth improved significantly. Its fashion business’s EBITDA loss narrowed, led by operating leverage on marketing

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