Why JPMorgan is bullish on United Breweries despite recent stock dip
United Breweries (UBL) is making headlines after JPMorgan maintained its "overweight" rating but trimmed the price target from ₹2,200 to ₹2,050 per share.
That means there's still a possible 14% upside for investors, even though UBL's stock has dropped 10% in the last two months while Nifty barely moved.
Beer sales slowdown due to heavy monsoon, but recovery expected
Heavy monsoon rains have slowed beer sales this quarter, but JPMorgan thinks UBL can bounce back thanks to steady raw material costs and smarter bottle returns.
Even with an 8% cut in EBITDA estimates for FY 2026-27 due to lower volumes, JPMorgan expects things to pick up later this year—projecting volume growth of about 6-7%.
The stock is down nearly 14% in 2025 and just closed at ₹1,800, but JPMorgan is still optimistic about a turnaround as demand recovers.