While the stock has moved up year-till-date, JP Morgan says there is scope for further outperformance as margin gains could surprise positively.
Brokerage house JP Morgan has upgraded its rating on United Spirits to overweight with a price target of Rs 3950 by December 2015,
"Our upgrade is led by a) Expectations of faster pace of margin improvement (than anticipated earlier) led by accelerated premiumisation efforts, cost rationalisation and benign cost inflation trends, b) Scope to enhance margins for Diageo brands, and c) Lower interest costs aiding profit growth," said the JP Morgan note to clients.
"While the stock has moved up year-till-date, we find scope for further outperformance as margin gains could surprise positively. Strategic initiatives–moving selectively to asset light/franchisee model and monetizing non-core assets would further help medium-term returns," the JP Morgan note said.
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