Market unimpressed with HUL's upgrade, stock down 1%
HUL gets an upgrade from Macquarie from underperform to outperform and the brokerage also increased its target to Rs 600 stating that the company will benefit from the growth in emerging categories
Macquarie upgraded Hindustan Unilever to "Outperform" from "Underperform," and raised its target price to Rs 600 from Rs 340.
The brokerage says the consumer goods maker will benefit from growth in emerging categories, consumers trading up, its innovation pipeline and improved market and cost competitiveness.
[caption id="attachment_328506" align="alignleft" width="380" caption="The brokerage says the consumer goods maker will benefit from growth in emerging categories. AFP"]
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Macquarie says Hindustan Unilever's "decade of underachievement is behind us", and says "the company's agility and resilience in both consumer and competitive responses have improved notably under present leadership."
The stock is down by 0.80 percent on BSE at Rs 424.
Reuters
