Morgan Stanley has reiterated its ‘Underweight’ rating on Asian Paints, setting a target price of ₹2,522, which indicates a potential 9% downside from the current market price (CMP) of ₹2,767. The brokerage cites subdued demand, extended rains, and floods as key factors impacting the company’s earnings. Asian Paints also reported a 0.5% decline in volume growth, underperforming its peers. Key areas of concern highlighted by Morgan Stanley include product mix, rising rebates, employee costs, and high selling expenses.
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