Bank of America (BoFA) has maintained a ‘Buy’ rating on UltraTech Cement, while lowering its target price to ₹12,300 from ₹13,100, implying a potential upside from its current market price.
BoFA believes that Q2 likely marks a bottom for the cement company, with prospects of recovery in the second half of the financial year. The brokerage suggests that the worst on profitability seems to be behind, pointing towards improving conditions ahead.
BoFA anticipates better profitability and performance in H2 FY25, driven by a recovery in demand and operational improvements.
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