Phillip Capital maintains 'neutral' rating on Nestle India

Phillip Capital has maintained its 'Neutral' rating on FMCG major Nestle India with a target price of Rs 4,700.

The stock is currently trading at Rs 4,603.50 on the BSE.

"Optically sales growth has been uninspiring in the past few quarters due to negative impact of product rationalisation and sharp price hikes. We believe that the operational performance for Nestle has bottomed out and expect resurgence in volume growth from the fourth quarter of this fiscal," analysts at Phillip Capital said.