<ul data-eligibleForWebStory="false">Asian Paints received a double rating upgrade and a target price increase from Jefferies, shifting from 'Underperform' to 'Buy'.Jefferies cited a normalisation in gross margin and a more gradual pick-up in growth for Birla Opus, leading to the upgrade.The target price for Asian Paints was raised to Rs 2,830, indicating a 16% return potential over the previous closing level.The stock was trading 1.2% higher on the NSE, with a positive outlook based on expected improvements in demand conditions and gross margins.