Outperform on HUL with a target at Rs 930: Credit Suisse

Credit Suisse maintains outperform rating on HUL post Q4 results with a 12-month target price of Rs 930. The volume growth has slowed down, but price deflation has come to an end.

HUL saw a deceleration in volume growth to 4 per cent, breaking a very consistent band of 5-6% - this is worrisome. Credit Suisse slashed its earnings forecasts by 4 per cent as the volume trajectory has deteriorated.


The global investment bank still expects couple of soft quarters for volume growth, but believe that price growth will improve going forward.