Indian brokerage Nuvama downgraded retailer Trent Ltd. to “Hold” and lowered its 12-month price target to ₹5,884 a share, warning that growth in the company’s core fashion business is likely to decelerate. Nuvama expects fashion sales to rise about 20% in the June quarter, well below the 35% compound annual growth rate recorded over the past five years, and flagged stretched valuations as a near-term risk. The firm sees longer-term potential in Trent’s Star Bazaar grocery format and Zudio budget chain but cautions that revenue momentum is running below management’s aspirations. The more cautious stance contrasts with Morgan Stanley’s overweight call issued earlier on Friday, which set a higher target price of ₹6,359 and projected a 25%–30% compound annual growth rate over the next five years. The split views underscore investor debate over whether Trent can sustain its expansion pace after several years of outperformance in India’s organised retail sector.