“Neutral on Hindustan Unilever (HUL), retaining an 'Equalweight' rating with a price target of ₹2,480. The brokerage observed management's focus on delivering volume-led growth and confidence in its portfolio and recent initiatives. Morgan Stanley also highlighted the widening of the EBITDA margin guidance band to 22-24% from 22.5-23.5% and the increase in capex intensity to 3% of revenues from 2% previously.”