Buying HUL shares? What Jefferies, BofA targets indicate at Unilever sees India as a 'must-win' market

Hindustan Unilever (HUL) stock were trading at Rs 2626 at 10:20 marking 0.090 per cent upside.

What Jefferies say on HUL?

Jefferies maintains a 'buy' rating on Hindustan Unilever (HUL) with a target price of Rs 3000 indicating a potential upside of about 14 per cent from the current market price (CMP) of Rs 2624.

Recently, Unilever CEO Fernando Fernandez who was appointed in March 2025, outlined his strategic priorities at an investor conference stating that India has stood out as a core growth market. 

His remark that 'not a penny will be spent outside of the US and India on acquisitions reinforced this focus for Jefferies. The brokerage also showed confidence in the leadership of Priya Nair, CEO and Managing Director of HUL and stated that it remains strong.

What BofA say on HUL?

Meanwhile, BofA has raised their target price from Rs 2630 to Rs 2840 and maintains a remains neutral rating on HUL, showing a potential upside of around 8 per cent from the CMP. 

The brokerage also highlighted the message from parent-"Transformation at Unilever, with India at the core" which notes the group's emphasis on volume growth could bode well for HUL.

BofA said Unilever's aspirations for HUL have been clearly spelt out and the actual delivery is now key. There is a clear emphasis on volume growth now and India seems a must-win market for the group as the disproportionate investment (including M&A) is directed to India.