Morgan Stanley downgrades Hindustan Unilever to underweight
Morgan Stanley has downgraded Hindustan Unilever to "underweight" from "overweight" with a target price of Rs 790. We expect only a gradual increase in volume. Rising promotional expenses a risk for the company. There are downside risks to our earnings estimates for HUL. At current price, HUL trades expensive at 41.5 times forward earnings.