Phoenix Mills jumps 5% after full JV buyout; Nomura sees positives but trims target on valuation, weak consumption outlook.

• Nomura keeps “reduce” call, lowers target price to ₹1,350, citing high valuation despite positive JV deal impact.
• Q1 results show 3.5% YoY profit growth, 5.4% sales rise; retail outlook still cautious.
• Stock rated “buy” by most analysts; trading volume hits 1.4 million, YTD performance down 6%.