Hot Stocks: Brokerages view on Jubilant FoodWorks, Axis Bank, Tech Mahindra and Sona BLW

Brokerage firm Jefferies maintained a hold rating on Jubilant FoodWorks while Macquarie recommended a neutral stance on Axis Bank.

Jefferies recommended an underperform rating on Tech Mahindra and Motilal Oswal recommended a neutral rating on Sona BLW Precision Forging.

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

Jefferies on Jubilant FoodWorks: Hold| Target Rs 480
Jefferies maintained a neutral rating on Jubilant FoodWorks post Q2 results but hiked the target price to Rs 480 from Rs 450 earlier.

A weak demand environment continued to weigh on margins and earnings. The management continued to take self-help measures and hoped for H2 recovery.

“Even while Jubilant is a structural play, we stay on the sideline given uncertainty on SSG recovery,” said the note.

Macquarie on Axis Bank: Neutral| Target Rs 980
Macquarie maintained a neutral rating on Axis Bank with a target price of Rs 980. The net profit is largely in line with estimates and higher opex primarily offset by lower provisions.The deposit growth remained weak, and the net interest margins (NIMs) were sustained on account of an increase in the yields.

Deposit growth will remain a key monitorable.

Jefferies on Tech Mahindra: Underperform| Target Rs 910
Jefferies maintained an underperform rating on Tech Mahindra but raised the target to Rs 910 from Rs 900 earlier post Q2 results.

The Q2FY24 results missed estimates. Weakness in communications is a key drag for Tech Mahindra.

The IT major forecasted a muted growth outlook, but margins could expand from current levels.

The global investment bank slashed FY24-26 earnings estimates by 9-28% on lower growth and margins.

Motilal Oswal on Sona BLW: Neutral| Target Rs 565

Motilal Oswal maintained a neutral rating on Sona BLW Precision Forging with a target price of Rs 565.

The September quarter results beat estimates, led by a better mix that contributed to an EBITDA margin of 28.2% (vs. est. 27.4%). The company’s focus on expanding in EVs remains steadfast, with BEV accounting for ~27% of the revenue (vs. 26% in FY23).

Additionally, the company now aims for long-term growth in the broader non-auto mobility sector, which currently represents ~10% of the revenue.

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