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Investing.com - CLSA has reiterated its Underperform rating on Asian Paints (NS:APNT) with a price target of INR1,927.00, citing ongoing competitive pressures in the Indian paints sector.
The research firm notes that while some investors have grown more bullish on Asian Paints due to expectations of easing competitive intensity, CLSA’s analysis suggests competition remains high in the market.
CLSA points out that Asian Paints has underperformed peers across key metrics, despite trading at a premium to both CLSA’s coverage universe and other paint stocks.
The firm acknowledges that the pace of new dealer acquisition will likely slow across the industry, but believes new entrants like Birla Opus and JSW Paints will maintain aggressive sales strategies, particularly during the upcoming festive period.
CLSA maintained its unchanged price target of INR1,927 on Asian Paints stock based on the company’s growth underperformance relative to its premium valuation.
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