India's Honasa Consumer caps gains after JPM downgrades to 'underweight'
12/02/2024 06:30
** Shares of Honasa Consumer Ltd HONA.NS up 2.1% at 442.2
rupees
** Beauty products retailer had risen as much as 9.7%
earlier in the day on Q3 profit jump
** J.P.Morgan downgrades to "Underweight" from "Neutral",
citing slowing revenue growth at flagship 'Mamaearth' brand,
limited scope for "rapid" margin expansion amid soft demand and
stiff competition
** Adds, current valuations at ~99x/70x FY25/26E P/E are
demanding; downgrades PT to 390 rupees from 425 rupees earlier
** Over 2.8 mln shares traded, 3x 30-day avg volume
** Including session's moves, stock little changed this year
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))
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