Citi has maintained a Neutral rating on United Spirits stock, setting a target price of ₹1,650, implying a 22.1% upside from the current market price (CMP: ₹1,351.40). The brokerage notes that the Andhra Pradesh market could drive growth over the next three quarters, contributing positively to the company’s revenue.
However, Uttar Pradesh’s new excise policy is expected to have minimal impact on the business. Citi also highlights that the premium alcohol segment will take a few more quarters to gain historical momentum, and inflation remains a key concern for neutral alcohol spirits, potentially affecting profitability.
Disclaimer: The views expressed are those of the brokerage firm and not of Business Upturn. Investors are advised to conduct their own due diligence before making any investment decisions.