JPMorgan has downgraded Asian Paints to ‘Underweight’ and reduced its target price from ₹2,800 to ₹2,400 per share, indicating a potential 13% downside from the current market price (CMP) of ₹2,767. The brokerage cites significantly weaker-than-expected operating performance and notes that Asian Paints is lagging behind its peers, with the performance gap widening in the second quarter. Consequently, JPMorgan has lowered its FY25-27 earnings per share (EPS) estimates by 10-12%.
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