Nestle India | Rating: Buy | LTP: Rs 16,113.90 | Target: Rs 18,490 | Upside: 14 percent. Given increasing rural penetration, niche play, unique positioning, uninterrupted distribution, increasing utilization levels along with capacity expansion, company's premium segments reflect high growth potential. Additionally, packaged foods segment in India proposes immense growth opportunities with youth population shifting towards health and nutrition segment. With vigorous new launches and revival of OOH segment, we expect upside potential in the stock and upgrade our rating to a buy with a rolled forward target price of Rs 18,490 based on 63x CY22E adjusted EPS.
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