DOWNGRADE United Phosphorus : Target Price: Rs 172 ::Emkay PDF link

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United Phosphorus Reco: ACCUMULATE CMP: Rs 142 Target Price: Rs 172 Downgrade to Accu on management’s lowered guidance ·      UPL has revised its topline growth guidance downward from 35-40% to 25-30% due to extended winters in key markets like North America and Europe ·      Q4FY12 may report muted revenue growth with PAT decline of ~27%. Muted revenue growth is despite ~8% currency benefit and 5-8% price increase in Q4FY12 ·      We have downgraded our FY12/FY13 est by 15.3%/13.8% to Rs13.6/Rs17.2. Consensus est was building 35% revenues growth in FY12 and also likely to be revised downward ·      Despite attractive valuations of 8.3x FY13 est we expect stock to remain laggard. Downgrade to Accumulate from BUY with revised price target of Rs 172

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