Hindustan Unilever Falls; Morgan Stanley Cuts on 'Lofty' Valuations
Hindustan Unilever Ltd (HUL) fell 2 per cent on Monday.
Morgan Stanley downgraded the stock to "underweight" from "equalweight." The brokerage cited "lofty" valuations despite "weak" earnings growth.
HUL traded at 37.6 times 12-month forward earnings compared with 35 times for peers, Thomson Reuters data showed.
Morgan Stanley said ITC is its top pick in the Indian consumer goods sector.
Copyright: Thomson Reuters 2014
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