The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0710 GMT – UPL Ltd.’s elevated inventory of crop-protection products in Latin America, North America and India could weigh on its sales volumes and pricing, Jefferies analyst Sonali Salgaonkar says in a research report as the analyst lowers the stock’s target price to INR905.00 from INR970.00. The agro-chemicals manufacturer’s sales volume growth has been slowing over past few quarters and the global product supply glut could affect prices in coming quarters, the analyst says. Jefferies trims its FY 2024 sales growth estimate for the Indian company to 5% from 9%, but reiterates the stock’s buy rating, noting factors such as UPL’s differentiated product mix. Shares are 0.3% lower at INR730.20. (ronnie.harui@wsj.com)
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