Macquarie upgrades Hindustan Unilever

Changes reco to Outperform from Underperform

Macquarie upgraded Hindustan Unilever to "Outperform" from "Underperform," and raised its target price to Rs 600 from Rs 340.

The brokerage says the consumer goods maker will benefit from growth in emerging categories, consumers trading up, its innovation pipeline and improved market and cost competitiveness.

Macquarie says Hindustan Unilever's "decade of underachievement is behind us", and says "the company's agility and resilience in both consumer and competitive responses have improved notably under present leadership."

Hindustan Unilever shares last down 1 per cent to Rs 423.75.