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Varun Beverages shares rise after BofA cites favourable risk-reward, projects 40% upsideVarun Beverages shares had dropped to a 52-week low last week, having posted monthly losses in January and February as well. The last instance of the stock declining for three months in a row was back in April-June period of 2025.By Hormaz Fatakia   March 16, 2026, 9:52:54 AM IST (Published)2 Min ReadShares of Varun Beverages Ltd., one of PepsiCo's largest bottling partners globally, gained up to 4% on Monday, March 16, after a positive note from brokerage firm BoFA Securities.

BoFA maintained its "buy" rating on Varun Beverages, along with a price target of ₹550, which implies an upside potential of up to 40% from Friday's closing levels.

The brokerage wrote in its note that the risk-reward for the company is favourable, as it has good earnings potential, with its growth in teens, even before the inorganic upsides, and its stock valuations below historical averages and lower than peers as well.

Varun Beverages is also strengthening its portfolio to meet peak India summer demand, and navigate the competitive intensity, the note said.

Overseas business for the company is steady and long-term gains hinge on new forays such as snacks, beers and a foray into Kenya.

Varun Beverages shares had dropped to a 52-week low last week, having posted monthly losses in January and February as well. The last instance of the stock declining for three months in a row was back in April-June period of 2025.

None of the 29 analysts covering Varun Beverages have a "sell" rating on the stock. 26 of those have a "buy" rating and the other three have a "hold" rating. The consensus estimate of price targets implies a potential upside of 34% from current levels.

Shares of Varun Beverages are trading 2.8% higher at ₹412.5. The stock is still down 10% in the last one month.Continue ReadingTagsshare market todayVarun Beverages