"neutral" from "buy", saying the stock has well outperformed the consumer sector since Oct. 1, 2012.
However, UBS says it remains a believer in Colgate, raising its target price to 1,720 rupees from 1,600 rupees.
"Colgate India is one of the most fundamentally sound companies in the consumer space, and that its brand strength and competitive management will continue to drive growth and margin expansion," UBS says in a note dated Thursday.
Colgate has risen 27.7 percent since the close of September 2012 compared with the BSE consumer sector index's 5.5 percent rise in the same period.
Colgate shares fell 1.1 percent to 1,524.75 rupees.