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Shares of
ended down 1% at ₹3,054.10 on Wednesday.
has maintained a ‘reduce’ rating, Jefferies has an ‘underperform’ rating, has retained a ‘hold’ recommendation and Morgan Stanley has an ‘underweight’ rating.
Nomura has downgraded the stock to ‘neutral’ from ‘buy’ and cut target price by the highest quantum, by 24% to ₹2,950.
“While deferred demand could support short-term volumes, we expect demand moderation to set in on the back of weak consumer discretionary spending amid elevated inflation pressure,” said Nomura. “We expect margin pressure to persist on the back of elevated input-cost inflation,” it added.
CLSA said it likes Asian Paints’ ability to continue with market share gains in its core paint business and its diversification agenda to move towards being a full service interior decor brand. However, the brokerage said valuation of Asian Paints leaves little room for upside in the near term.
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