India's Kalyan Jewellers hits record high after HSBC sets Street high TP
** Shares of jewelry maker and retailer Kalyan Jewellers KALN.NS rise about 3.5% to a record high of 683.15 rupees apiece
** HSBC raises target price of KALN to a Street high of 810 rupees from 600 rupees earlier, implying a 26.5% upside for the stock in the next 12 months
** HSBC, which has "buy" rating on KALN, says that the company is still "only midway into its value creation journey"
** KALN's valuations are still at 10% discount to market leader Titan Company TITN.NS - HSBC
** Says KALN's capital light expansion, emergence as an entrenched national brand like Titan to help further rally
** The mean recommendation of eight analysts tracking KALN is "strong buy"; median price target at 651 rupees, about 20% lower of HSBC's price target - LSEG data
** KALN shares up 91% in 2024 so far, outperforming 1.6% rise in TITN - exchange data
Reporting by Bharath Rajeswaran in Bengaluru
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