UPL
CLSA ON UPL : 03.08.2021
• Maintain BUY, Target unchanged at Rs 1000/share
* Good quarter despite cost pressures
• Differentiated products/solutions to drive next leg of growth
* Strong volume growth was a clear positive surprise across key markets
KOTAK INSTL EQ ON UPL : 03.08.2021
* Kotak Insti Eq has a Sell rating on UPL as it doesn't see any major surprises to FY22 earnings
* Q1 Adj EBITDA Came in 5% Under Estimates
* High Commodity Prices Should Support Price Hikes
* Don't See Any Major Surprises To FY22 Earnings
* Lack Of Near-term Catalysts Deny Multiples Room For Re-rating
* MAINTAIN SELL TARGET: 760
JPMORGAN ON UPL : 03.08.2021
* JPMorgan maintains Overweight rating on UPL, says strong commodity pricing should support valuation
* MAINTAIN OVERWEIGHT TARGET: 880
* Favourable Agri Environment To Support Momentum With Upcoming LatAm Season In Focus
• Sustainable Agriculture & Bio-solution Are Long-term Positives
* Strong Commodity Pricing Should Support Valuation
CLSA ON UPL : 03.08.2021
* CLSA Maintains Buy call on UPL as it believes co has posted healthy earnings in Q1 despite cost pressures
* Good Quarter Despite Cost Pressures
* Strong Volume Growth A Clear Positive Surprise Across Key Markets
* Retained Its FY22 Guidance
* Continued Focus On Differentiated Products Remains A Long-term Growth Driver
* MAINTAIN BUY TARGET: 1,000
