Shares of Colgate-Palmolive (India) Ltd. declined nearly 4% in trade on Friday, October 24, as analysts expressed divergent views after the company reported a weak second quarter.

Brokerages Citi and ICICI Securities have a "sell" rating on the stock, CLSA has a "hold" rating, Nomura has a "reduce" rating, while Jefferies and Nuvama have a "buy" rating on the stock. The price targets ascribed by analysts project a downside of up to 22% to an upside of nearly 25%.

Here's a look at what analysts said:

Citi

Citi has a "sell" rating on the stock with a price target of ₹2,100 per share, which implies a potential downside of 8.9% from its previous closing price of ₹2,300 apiece.

The competitive intensity and high base weighed on growth, the brokerage said. It expects gradual recovery in

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