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Investing.com - Macquarie has downgraded Hindalco Industries Limited (NSE:HNDL) from Outperform to Neutral while simultaneously raising its price target to INR876.00 from INR709.00.
The research firm cited "capped near term earnings upside" as the primary reason for the rating downgrade, despite the substantial increase in price target.
Macquarie indicated it still views Hindalco favorably from a longer-term perspective, specifically with a "2-4 year view" of the company’s prospects.
The firm highlighted several positive factors supporting its longer-term outlook, including "capacity led growth both in India and global businesses, healthy balance sheet and the aluminium price outlook."
The contrasting moves of downgrading the rating while raising the price target reflect Macquarie’s assessment that while Hindalco’s long-term fundamentals remain strong, its near-term performance potential may be limited.
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