Morgan Stanley downgraded Tata Chemicals to equal-weight and maintained an overweight rating on Indigo.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
JPMorgan on Hospital stocks: Initiated coverage on Apollo Hospitals, Fortis
JPMorgan initiated coverage on Apollo Hospitals with an overweight rating and a target price of Rs 5950.
The global investment bank initiated coverage on Fortis Healthcare with an overweight rating and a target price of Rs 355. It initiated coverage on Max Healthcare with a neutral rating and a target price of Rs 620.
JPMorgan initiated coverage on Global Health with a neutral rating and a target price of Rs 710.
“Secular growth and supply challenges offer promising growth prospects. Sustained demand, and occupancy at near optimal level necessitates expansion. Profitability improved and is likely to be sustained in the future,” it said.
The global investment bank expects 19% EBITDA CAGR over FY23-26.
InCred on HEG: Initiate coverage with a Add rating| Target Rs 2462
InCred initiated coverage on HEG with an add rating and a target price of Rs 2462. “The decline in the US steel inventory and new EAFs provide growth visibility,” it said.
“The global decarbonization trend is yet another positive for HEG. There are significant entry barriers to protect margins,” it added.
Morgan Stanley on Tata Chemicals: Downgrade to Equal-Weight| Target Rs 916
Morgan Stanley downgraded Tata Chemicals to equal weight with a target price of Rs 916. “Deflationary energy prices are hurting low-cost producers,” the brokerage said.
“Energy prices drive a significant earnings downgrade cycle. Soda ash fundamentals are likely to soften as new capacity ramps up,” it added.
The global investment bank slashed FY24 and FY25 estimates 5% and 6% respectively.
Morgan Stanley on Indigo: Overweight| Target Rs 3126
Morgan Stanley maintained an overweight rating on InterGlobe Aviation with a target price of Ts 3126.
“All key earnings drivers are moving favorably. The near-term profit per seat could hit a cyclical high. On normalised earnings and median multiple, see 33% upside,” it said.
Jefferies on Dalmia Bharat: Buy| Target Rs 2490
Jefferies maintained a buy rating on Dalmia Bharat with a target price of Rs 2490. The global investment bank expects a 3rd year of strong 7-9% industry growth in FY24.
“With a drop in energy costs, industry margins are set to improve. Dalmia capacity target at 47/75/110-130 mtpa by FY24/2027/2031. The company targets to keep net debt to EBITDA <= 2x,” it said.
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