Jefferies downgrades Hindustan Unilever

Jefferies downgrades Hindustan Unilever to 'underperform' from 'hold' saying the recent growth in revenue would prove "unsustainable" given the highly cyclical nature of the consumer goods sector, while citing "rich" implied valuations.

In particular, Jefferies says Hindustan Unilever may be unable to sustain "exceptionally strong" revenue growth in the soaps and detergent segment seen over the previous five quarters, due to already high penetration levels and rising competition.

Jefferies also raises its tax rate assumptions for fiscal 2013/14 and 2014/15 to 26 percent and 30 percent, respectively, from 24 percent for each year, citing guidance from the management.

Hindustan Unilever down 1 percent, as shares continue to reel from disappointment over its July-September results.

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