We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on Bajaj Auto: Buy| Target Rs 4300
Jefferies maintained a buy rating on Bajaj Auto post December quarter results with a target price of Rs 4300.
The company recorded an all-time high EBITDA despite weak demand. Bajaj’s Q3 volumes fell 17% on a YoY basis. EBITDA per vehicle rose 18% QoQ to an all-time high.
Morgan Stanley on Dr Reddy’s Laboratories: Overweight| Target Rs 5099
Morgan Stanley remained overweight rating post December quarter results with a target price of Rs 5099. Strong F3Q results were primarily driven by gRevlimid, it said.
Nomura on Tata Motors: Buy| Target Rs 508
Nomura maintained a buy rating on Tata Motors with a target price of Rs 508. Q3 margins improved across segments, and JLR benefited from rising chip supply, said Nomura.
Nirmal Bang on Cipla: Buy| Target Rs 1263
Nirmal Bang institutional equities maintained a buy rating on Cipla with a target price of Rs 1263.Cipla’s 3QFY23 results were lower than consensus estimates on the revenue and net profit front mainly due to lower-than-expected Revlimid sales and slow growth in SAGA regions.
EBITDA margin improved by 176 bps YoY to 24.2% despite soft Revlimid sales, mainly driven by an improvement in the mix. The net profit grew by 9.9% YoY to Rs8bn mainly on the back of a strong operational performance, which was partially offset by a higher tax rate on account of DTA reversal.
“We remain positive on Cipla mainly due to its strong India franchise, robust US pipeline, healthy margins and improving return ratios. We cut our estimates to factor in 3QFY23 performance and lower-than-expected Revlimid sales,” said the note.
(Disclaimer: The experts’ recommendations, suggestions, views and opinions are their own. These do not represent the views of Economic Times)