Shares of Brigade Enterprises (BRGD) have doubled investors' money in the last 12 months. In the past one year, the share price jumped from Rs 252 to Rs 529.30, logging around 109 per cent return in this period. However, brokerage house ICICI Securities believes that this multibagger stock has more upside potential. It has upgraded its rating on Brigade Enterprises to 'Buy' from 'Add' with a revised target price of Rs 598/share (earlier Rs 555). An amount of Rs 5 lakh invested in this multibagger stock a year ago would have turned into Rs 10.5 lakh today. Long-term investors have made big gains by investing in this stock as it has surged over 1,100 per cent in the last ten years. With a market capitalisation of more than Rs 11,800 crore, the shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock rose 4 per cent to hit an intraday high of Rs 529.30 on BSE on Wednesday. "With the waning of Covid cases leading to reopening of offices/malls and resumption in international travel, we expect the company’s annuity and hotel business to see a significant leg up from Q1FY23," ICICI Securities said. "We expect BRGD’s share of rental Net operating Income (NOI) to grow at 25 per cent CAGR over FY21-24E to Rs 570 crore driven by incremental lease out of 2.4 msf of vacant area across assets by March 2023 in Bengaluru and Chennai," it added. Further, ICICI Securities expects the company’s hotel business to clock a marginal EBITDA of Rs 3 crore in FY22E, Rs 8 crore in FY23E and Rs 110 crore in FY24E vs. FY20 EBITDA of Rs 9 crore. "For the residential business, we model for the flattish sales value of Rs 280 crore in FY22E but expect sales bookings of Rs 365 crore in FY23E and Rs 434 crore in FY24E driven by new launches. Key risks are prolonged weakness in office leasing and slowdown in residential demand," the brokerage firm noted. Brigade Enterprises also announced that it has entered into the plotted development space with a 66-acre residential project in Devanahalli, Bengaluru. The project is a strategic joint development that will offer plot sizes ranging from 1,200 square feet to 2,400 square feet. “The entry into the plotted development space is a significant milestone for Brigade Group, augmenting our presence in all major segments of the commercial and residential real-estate sectors,” MR Jaishankar , Chairman and Managaing Director Brigade Enterprises said.