Asian Paints: Brokerages raise price targets on Asian Paints


Brokerages have raised their price targets on Asian Paints as its June quarter earnings surprised positively but they also warned of near-term inflationary headwinds and rising competition.

Asian Paints’ shares ended up 2.3% at ₹3,179.50 on Wednesday.

Asian Paints on Tuesday reported an 80.4% increase in its consolidated profit to ₹1,036.03 crore as its business grew both in volume and value terms.

Anand Rathi upgraded the stock to hold from sell and lifted its target price by 6.3% to ₹3,570. CLSA and Credit Suisse maintained an outperform rating, raising target prices by nearly 13% and 2.7% respectively.

has retained a reduce rating with the target price revised up to ₹3,100 from ₹2,900.

“Asian Paints’ strong revenue delivery and market share gains are impressive; however, rich valuation at 57 times FY24 estimated earnings per share, especially in the context of

‘s impending entry limits any upside,” said Axis Capital.



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