China smartphone shipments slumped in June on inventory overhang: Jefferies
Investing.com - Jefferies downgraded Welspun Living Ltd (NSE:WELSPUNL) from Buy to Hold and slashed its price target to INR130.00 from INR185.00 on Thursday.
The downgrade comes after President Trump announced potential 25% tariffs for India, along with additional penalties, which would create significant headwinds for the company if implemented.
Jefferies noted that Welspun’s first-quarter earnings suggest weakening consumer demand in the U.S. market, a situation that could deteriorate further if higher tariffs are imposed.
The research firm highlighted that Welspun management expects these challenges to persist in the near term, which would likely delay the company’s recovery timeline compared to previous expectations.
The combination of tariff uncertainty and softening U.S. consumer demand prompted Jefferies to take a more cautious stance on Welspun’s outlook, resulting in both the rating downgrade and the 30% reduction in price target.
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