Motilal Oswal Securities has retained 'Sell' on Jubilant Foodworks with target price of Rs 925 as against current market price (CMP) of Rs 1,049 in its report.

Commenting on the investment rationale, the stock broker said, ''We believe pick-up in SSS growth for JUBI is not around the corner. Weak macro (higher inflation, lower disposable incomes and poor employment generation in economy) is impacting frequency of consumption of existing consumers and recruitment of new consumers.

Current demand scenario does not warrant much optimism from near term performance view point. However, we believe Jubilant Foodworks is the best play on urban consumption recovery, given the operating leverage residing in its business model. Stock trades at 39.5x FY15E EPS.

We retain 'Sell' rating and look for better entry points. Sharp recovery in macros and urban consumption are key upside risks. Spike in cheese prices is a key downside risk.''

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