Hot Stocks: Brokerage view on SAIL, NHPC, Thermax and PI Industries

Brokerage firm BofA Securities maintained an underperform rating on NHPC, Morgan Stanley has an Equal Weight rating on SAIL, and Jefferies recommended a buy on Thermax and PI Industries, respectively.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

BofA Securities on NHPC: Underperform| Target Rs 63

BofA Securities recommended an underperform rating on NHPC with a target price of Rs 63. The Q3 earnings were a miss on lower generation led by lower water availability.

There is an 18GW pumped storage projects (PSP) opportunity and capacity is added to be back-ended.

The global investment bank reiterates underperform on limited capacity additions and high valuations.

Morgan Stanley on SAIL: Equal Weight| Target Rs 85

Morgan Stanley maintained an Equal Weight rating on SAIL with a target price of Rs 85. The company reported a big EBITDA miss led by weak volumes.Revenue and EBITDA were 20%/30% below consensus. The benefits of lower raw material costs were more than offset by higher fixed costs.

Jefferies on Thermax: Buy| Target Rs 4000

Jefferies maintained a buy rating on Thermax but reduced the target price to Rs 4000 from Rs 4130 earlier.

The company has grabbed a large project pipeline, and the base order outlook is also comfortable. India is in a healthy space.

Operating leverage to support margin expansion in FY23-26E and valuations should remain supported by earnings traction.

Jefferies on PI Industries: Buy| Target Rs 4165

Jefferies maintained a buy rating on PI Industries but reduced the target price to Rs 4165 from Rs 4290 earlier.

Growing early-stage portfolio cushions destocking impact. Domestic formulation was below estimates and is likely to remain weak in Q4FY24.

Pharma would fare better in H2FY24 but miss earlier guidance.

(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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