UBS Securities has downgraded SRF to 'sell' from 'buy', reducing its price target by over 22% to Rs 2,100, indicating a potential downside of 9%. The downgrade is attributed to ongoing growth challenges, sluggish agrochemical demand, and weak pricing for refrigerant gases, particularly as Chinese manufacturers gain market share. The US refrigerant gas market is facing weak demand due to high channel filling last year, exacerbating SRF's challenges.