Kotak Institutional Equities has downgraded Trent stock, the parent company of fashion store chains Zudio and Westside, to "sell" from its earlier rating of "add". The brokerage has also reduced its target price from ₹6,800 to ₹5,850 per share which is a reduction of 14%. The aggressive addition of Zudio stores in urban areas may cause market saturation, Kotak said.