Hot Stocks: Brokerage view on Prestige Estates, JB Pharma, Uno Minda and Jyothy Labs
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ICICI Securities has a buy rating on Jyothy Labs and Elara Capital recommended a buy on Uno Minda.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Citigroup on Prestige Estates: Buy| Target Rs 982
Citigroup maintained a buy rating on Prestige Estates but raised the target price to Rs 982 from Rs 693 earlier.
The 2QFY24 results were very strong pre-sales and execution. The net debt increased in 2Q but not a cause of concern as of now.
Prestige continues to scale up well, which should sustain valuations.
Jefferies on JB Pharma: Buy| Target Rs 1680
Jefferies maintained a buy rating on JB Pharma post Q2 results but raised the target price to Rs 1680 from Rs 1555.The Q2 results beat expectations on higher gross margins/lower SG&A spend. FY24 Ebitda margins were seen at the upper end of 25-27% (ex-ESOP cost range).
India and CDMO are likely to account for 75-80% of sales in three years.
Elara Capital on Uno Minda: Buy| Target Rs 720
Elara Capital maintained a buy rating on Uno Minda post Q2 results with a target price of Rs 720. Commissioning of new alloy wheels, switches, and lighting capacity to aid incremental revenue growth.
But the margin may be range-bound on fixed cost from the ramp-up of new capacity. Rising EV focus and kit value for EV/ICE to aid OEM growth outperformance.
The brokerage firm expects 18% revenue CAGR in FY23-26E, outperforming 2W and PV OEM CAGR of ~8%. It expects an EPS CAGR of 23% in FY23-26E.
“We are positive on UNOMNDA’s strong execution capability as it benefits from four LACE megatrends,” said the note.
ICICI Securities on Jyothy Labs: Buy| Target Rs 465
ICICI Securities maintained a buy rating on Jyothy Labs post Q2 results but raised the target price to Rs 465 from Rs 380 earlier.
Jyothy Labs continued to report double-digit revenue growth of 11% YoY (with double-digit growth in 2Y, 3Y, 4Y CAGR as well) with volume growth of 9% (outperforming peers) driven by focus on volume growth led by distribution expansion into new geographies.
It reported double-digit revenue growth across segments, except for household insecticides which were impacted due to lower rainfall.
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(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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