Motilal Oswal as well as Jefferies recommend a buy rating on Reliance Industries post March quarter results.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on Paints: Underweight on Asian Paints & Kansai Nerolac
Morgan Stanley maintained an underweight rating on Asian Paints & Kansai Nerolac with a target price of Rs 2546 and Rs 322 respectively.
Rising competition is the key theme for the paints segment. There is no demand-supply mismatch currently.
The global investment bank expects competition to intensify as a new player comes in. “We believe risk is yet to be completely reflected in valuations. Maintain Underweight on Asian Paints & Kansai Nerolac,” said the note.CLSA on ICICI Bank: Buy| Target Rs 1200
CLSA maintained its buy rating on ICICI Bank with a target price of Rs 1200. “The private sector bank recorded its highest earnings certainty over the next 3 years,” CLSA said.
It remains CLSA’s top pick. The global investment bank increased earnings estimates by 2-4%.
“The growth remains strong, and the future commentary was confident. The net interest margin (NIM) spike continues, and deposit accretion is not a big challenge.
The Core PPOP was up by 40% on a YoY basis and the bank will invest in growth in FY24,” said the note.
Motilal Oswal on RIL: Buy| Target Rs 2800
Motilal Oswal maintained its buy rating on RIL post March quarter results with a target price of Rs 2800.
“Standalone numbers shine, and the consumer business is going steady. Value refining & petrochemical segments at 7.5x EV/EBITDA,” it said.
Jefferies on RIL: Buy| Target Rs 3125
Jefferies maintained its buy rating on RIL post March quarter results with a target price of Rs 3100.
“The company recorded a healthy beat on 02C & Jio, comforting leverage on guidance,” it said.
“Jio generated healthy FCF with elevated 5G capex possibly opening the next leg of growth. The valuation is favourable, although net- debt rose.The management allayed leverage concerns,” it added.
The global investment bank upgrade FY24/25E EBITDA 3%, and retains a buy with a target price of Rs 3,125
JPMorgan on Tata Steel: Overweight| Target Rs 150
JPMorgan maintained an overweight rating on Tata Steel with a target price of Rs 150. Tata Steel trades at 4.4x FY25E EV/EBITDA.
“Tata Steel can deliver 6-7% volume CAGR in India till 2030. Potential UK capex remains a key overhang for the stock,” it said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)