Overweight on UPL with a target at Rs 646: Morgan Stanley

Morgan Stanley has given an overweight rating on UPL with a 12-month target price of Rs 646.

“The beat in revenues was driven by a 57 per cent growth in Latin America.Constant currency revenue growth was stronger compared with its global peers. Constant currency growth stood at 18 per cent, which was much higher compared with its guidance of 12-15 per cent growth,” the brokerage said.