Motilal Oswal initiates coverage on Shoppers Stop with a neutral rating and Rs 370 target

Motilal Oswal initiated coverage on Shoppers Stop with a Neutral rating and a target price of Rs 370. The retailer reported its strongest departmental store performance in a decade with 4.7% like-for-like growth in FY26, driven by premiumization and increased footfalls. Margins faced pressure due to a high base from prior year provision reversals, though underlying operational margins improved.