In 2017, our upgrade on HUL was led by the rationale that the company will outperform its peers during a challenging environment. After a 70% run-up in the stock (post our upgrade), we downgraded HUL as we believed that the stock priced in all the near term positives and hence everything had to go right (which didn't). We maintain our NEUTRAL rating, which may change with (a) Further time correction in the stock, (b) Recovery in rural demand and (c) Successful integration of GSK portfolio (ability to surprise on margin expansion). HUL reported a healthy quarter (in-line) in the context of challenging macros. Notwithstanding its scale, HUL maintained growth leadership over the last 6 quarters (10% volume growth) led by strong product portfolio and remarkable execution. We continue to maintain our NEUTRAL rating since we downgraded in Jul-18 (stock is flat since then) as we dont see any near-term trigger. We value HUL at 45x on FY21 EPS arriving at a TP of Rs 1,804.