Motilal Oswal has given Buy recommendation for Hindustan Unilever recommended buy rating on the stock with a target price of Rs 2800 in its research rep with a target price of Rs. 2800 in its research report issued on Dec 21, 2021

Motilal Oswal’s research report on Hindustan Unilever

While the recovery in consumption continued after the lifting of restrictions post the second COVID wave, it has been uneven with urban markets leading growth. The resilience of rural India is coming off as demand begins to slow down. The demand for MNREGA jobs is high, indicating higher unemployment levels. Farm input inflation has been higher than output inflation, causing farmer incomes to shrink. HUVR’s operating categories have seen a mid-single sales growth overall, with flat growth in rural India. This would suggest that rural volumes saw a decline in 3QFY22.


We maintain our Buy rating with TP of INR2,800 per share (55x Dec’23E EPS).

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