Outperform on United Spirits, target Rs 2800: Credit Suisse

Credit Suisse maintains outperform rating on United Spirits post March quarter results with a 12-month target price of Rs 2800. The 4QFY16 headline results were weak on all fronts.

McDowell's No1 is growing at 18% YoY and RC growing over 60% in the similar time frame.
Popular volumes saw a sharp decline causing negative surprise. FCF remained negative again in FY16.