India's Godrej Consumer Products slips after Emkay cuts target price
BUZZ-India's Godrej Consumer Products slips after Emkay cuts target price ** Emkay reiterates "buy" on consumer-goods maker Godrej Consumer Products GOCP.NS, cuts target price to 1,250 rupees from 1,350 rupees
** Shares fall 1.4% to 902.60 rupees
** Brokerage says the pending appointment of an India CEO is likely to remain a near-term overhang, though co is well positioned to deliver double-digit earnings growth over the medium term
** Brokerage cuts valuation multiple by 10% to factor in near-term uncertainty from unexpected management changes; keeps earnings estimates unchanged
** Emkay expects sales and earnings CAGR of 12% and 16%, respectively, over the next three years
** Stock rated "buy" on average by 35 analysts; median PT at 1,240 rupees - LSEG-compiled data
** Stock down 26.1%
(Reporting by Payel Das in Bengaluru)
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