UltraTech Q1 earnings in?line : Earnings were largely in line; we do not see any structural negatives. 9 Marginally lower?than?expected EBITDA only because of slightly lower volume and recovery in realisation. 9 Focus on cost efficiencies continue; still curtailing costs well. Opex/tonne down 8% yoy, 1% qoq..UltraTech continues to remains the best structural fit in the industry and will gain maximum with improvement in cement prices. Phillip Capital maintain BUY with a price target of Rs 3,700 (unchanged). UltraTech currently trades at ~US$ 180 EV/tonne and on their price target it will trade at ~US 190 EV/tonne. Maintain target multiple at 15x EV/EBITDA FY18.Trendlyne has 26 reports on ULTRACEMCO updated in the last year from 6 brokers with an average target of Rs 3487.5. Brokers have a rating for ULTRACEMCO with 5 price downgrades,4 price upgrades in past 6 months and 2 downgrades,9 price downgrades,1 upgrades,7 price upgrades in past 1 Year.