Buy UPL Ltd., target Rs 640: Deutsche Bank Research

Deutsche Bank Research has a buy call on UPL Ltd. with a target price of Rs 640, The current market price of UPL Ltd. is Rs 549.75. Time period given by analyst is year, when UPL Ltd. price can reach defined target. he quality of balance sheet is better than reported. FCFE yield to rise to 5 per cent in FY18. The company should focus on stronger farmer relationships, and new product launches. The net debt is likely to fall by 40 per cent over FY16-18E to Rs 24.5 billion. Brazil remains a key growth driver for growth driven by market share gains, and new product launches.