Deutsche Bank upgrades Hindustan Unilever to 'buy', raises target price

Deutsche Bank on Tuesday upgraded Hindustan Unilever (HUL) to "buy" from "hold" and raised the target price from Rs 700 to Rs 900.

The global financial services major cited strong investments in distribution, input cost correction and low-unit-packs as key reasons for the upgrade.

Traders said the HUL stock may gain amid risk aversion and as it is a non-consensus rating upgrade.

Deutsche Bank said, investment in distribution over the last 3-5 years has increased gap over competition.

The German bank added that likely weak third-quarter results of HUL would be a buying opportunity.

(Reuters)