Brokerages are happy with the way demand has been resilient for Asian Paints but are a little perturbed by margin miss and the current valuations at which the stock is trading. The stock has gone up by 3.43 percent in the last one month and is currently trading at Rs 3,115 on the NSE.

CLSA has an outperform rating and has raised the target to Rs 3,275. Macquarie too has raised the target price to Rs 3,500 saying the performance re-emphasises the resilient nature of demand. Meanwhile, UBS has the highest target price on the stock at Rs 3,550.

However, Morgan Stanley has downgraded the stock to equal weight from overweight with target price of Rs 3,143 and expects to wait for better entry point.

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(Edited by : Dipika Ghosh)