HUL while Citi has a buy rating. Jefferies recommends a hold on Havells India and Macquarie maintains an outperform rating on HUL.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
UBS on HUL: Neutral| Target Rs 2860
UBS maintained a neutral rating on HUL with a target price of Rs 2860.
Heightened regional competition may impact the pace of volume recovery.
HUL is planning to protect market share as competition from regional brands rises. The FMCG company may continue price cuts to retain volume.
HUL's volume recovery will be gradual in the near term.
Citi on HUL: Buy| Target Rs 2880
Citigroup maintained a buy rating on HUL but slashed the target price to Rs 2880 from Rs 2900 earlier.
Consumption demand trends in Q2 remain challenging. The global investment bank expects rural markets to recover, but a variation of monsoon could play spoilsport.
The global investment bank sees a near-term impact from rising competition, destocking and delayed festive season.
Amid this tough operating environment, Citi expects HUL to invest to remain competitive/retain market shares.
Jefferies on Havells India: Hold| Target Rs 1420
Jefferies maintained a hold rating on Havells India but raised the 12-month target price to Rs 1420 from Rs 1360 earlier.
The industrial demand has stayed strong amid weaker B2C offtake.
The housing demand is likely to revive from H2FY24.
Indian AC demand at 8-9mn units is one-tenth that of China, entailing growth potential. Lloyd's sales growth is healthy, but margins are still under pressure.
Better capacity utilization, softening commodities, and cost rationalization could help revive margins.
JPMorgan on Indigo: overweight| Target Rs 2880
JPMorgan maintained an