Macquarie has reiterated its ‘Outperform’ rating on Hindustan Unilever (HUL), setting a target price of ₹2,800, reflecting a potential upside of 19.7% from the current market price of ₹2,340.00.
The brokerage noted that HUL’s Q3 EBITDA was in line with estimates, supported by improving trends in the beauty segment, driven by its acquisition of the Minimalist brand. Macquarie highlighted that the gradual pace of recovery continues to drive expectations for earnings per share (EPS) and the target price.
Additionally, the brokerage emphasized that the worst of volume weakness appears to be behind the company, signaling a positive outlook for its growth trajectory.
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