Asian Paints share price target cut by multiple analysts citing margin concerns, competition
Executive Brief • Key Highlights
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- ✓Multiple analysts cut their price targets for Asian Paints after the company reported September quarter results on Thursday.
- ✓HSBC, CLSA, Jefferies, and Morgan Stanley lowered their targets due to margin concerns and rising competition.
- ✓Shares fell 0.8% to ₹2,283.7 today, as the stock has dropped 17% so far this year.
Story at a Glance
- Category
- MARKET
- Reported By
- CNBC TV18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Multiple analysts covering Asian Paints Ltd., India's largest paints company, have cut their price target on the stock after its September quarter results, that were reported during market hours on Thursday.
37 analysts currently have coverage on Asian Paints, of which 20 have a "buy" rating, 10 say "hold", and seven others have a "sell" rating on the stock.
Asian Paints Shares Are A Buy Or Sell?
Global investment banking firm HSBC has maintained its "hold" rating on Asian Paints but has cut its price target to ₹2,420 from ₹2,650 earlier.
The firm wrote that profitability during the quarter was weak due to the inferior mix, seasonality and destocking, and while the underlying trends may be better, they are not encouraging.
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