Bank of America Merrill Lynch has reiterated 'Buy' on Asian Paints

Bank of America Merrill Lynch has reiterated `Buy’ on Asian Paints and has also increased EPS estimates for FY11-12 following the announcement of 2.8% price hike by the paint major. The price hike of decorative paints is effective from 1st July and is over and above the 4.15% price hike taken from 1st May.

The brokerage believes that this fits with the possibility of margin surprise by Asian Paints contrary to management guidance of a possible margin decline. Post this price hike, it now expects flat margins for Asian Paints over FY11-12E against the earlier estimate of a 70-basis point decline. (via indiatimes.com)

Shares of Bank of America Corp (NYSE: BAC) traded down 1.28% on Friday hitting $13.84.

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