ICICI Direct has given Buy recommendation for Varun Beverages with a target price of Rs. 867 in its research report issued on Jun 07, 2022
ICICI Direct’s research report on Varun Beverages
Varun Beverages is one of the largest franchisees of PepsiCo in the world. The company produces & distributes carbonated drinks, juices & packaged drinking water in six countries including India. Some of the PepsiCo brands produced by VBL includes Pepsi, Diet Pepsi, Seven-Up, Mirinda, Mountain Dew, Nimbooz, String, Slice, Tropicana, Aquafina among others. The company has operations in India (except Andhra Pradesh, J&K and Ladakh), Sri-Lanka, Nepal, Morocco, Zambia & Zimbabwe.
Consequently, Varun Beverages’ share price has been adjusted to Rs 733 /share. Accordingly, our target price stands revised to Rs 867/share. We maintain our BUY rating on the stock.