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We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on Delhivery: Equal-Weight| Target Rs 460
Morgan Stanley downgraded Delhivery to an equal-weight rating from overweight but raised the target price to Rs 460 from Rs 415 earlier.
Delhivery can sustain strong 18-20% revenue CAGR for a long period of time. Over the medium term, the brokerage firm sees adjusted EBIT margins of ~5-6%, with an asset turn of 3-4x.
The downgrade is largely on account of valuations. The global investment bank expects incremental margins to normalize in the future.
CLSA on Bank of Baroda: Buy| Target Rs 225
CLSA maintained a buy rating on Bank of Baroda with a target price of Rs 225. The margins are down to H1FY23 levels already.
There is marginal earnings cut but the global investment bank maintained its buy recommendations.
Jefferies on Lupin: Underperform| Target Rs 810
Jefferies maintained an underperform rating on Lupin but raised the 12-month target price to Rs 810 from Rs 660 earlier.
The company reported a beat in June quarter numbers. Now, all eyes are on the gSpiriva launch.
The global investment bank hiked FY24-26E EPS by 25-58% giving the benefit of the doubt on base business recovery.
Ex Spiriva, Lupin trades at expensive PE valuations.
Nomura on M&M: Buy| Target Rs 1978
Nomura maintained a buy rating on M&M but hikes the target price to Rs 1978 from Rs 1790 earlier post Q1 results.
The Q1 results were slightly better. Lower other expenses offset higher RM/sales.
Strong commitment to capital discipline will continue. The global investment bank sees a strong SUV growth outlook. M&M is one of the top picks of Nomura.
Jefferies on SBI: Buy| Target Rs 760
Jefferies maintained a buy rating on SBI with a target price of Rs 760.
A tad weaker net interest margins (NIMs) drag top line and operating profits. The loan growth has moderated from highs.
CASA growth lags, but the asset quality is holding up well.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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