Morgan Stanley has retained its equal-weight rating on Hindustan Unilever Ltd (HUL), with a target price of ₹2,335 per share. At the time of the report, the stock was trading at ₹2,524.00, indicating a limited downside from current levels.
The brokerage noted a sequential improvement in demand, with rural growth outpacing urban. The momentum was primarily led by small towns and e-commerce channels, while organised trade and quick-commerce (Q-commerce) also showed strong performance.
Morgan Stanley expects low single-digit pricing growth in the near term, suggesting a more volume-driven recovery. The company has guided for an EBITDA margin in the range of 22–23%, reflecting steady profitability amid evolving market dynamics.
Disclaimer: This article is based on Morgan Stanley’s stock research report. The views and target price mentioned are theirs. This does not constitute a recommendation to buy or sell any stock. Please consult a registered financial advisor before making any investment decisions.
