We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
CLSA on RIL: Buy| Target Rs 3060
CLSA maintained a buy rating on RIL with a target price of Rs 3060. Organic and inorganic triggers are likely to come together and support the up move in 2024.
A likely pick-up in wireless broadband subscribers may be a surprise for investors. Potential tariff hikes, higher usage due to 5G speeds, and industry consolidation may be other triggers for Jio in 2024.
Stabilisation of substantial retail expansion should drive up operating leverage. 2024 will also see the start of the first of the new energy projects.
The global investment bank expects deleveraging starting from mid-2024 and a potential IPO of Jio and/or retail in the next 12-18 months.
Goldman Sachs on Oil & Gas sector: ONGC, BPCL and IOC
Goldman Sachs downgraded ONGC, BPCL, and IOC while maintaining a buy on RIL and a neutral rating on HPCL. The risk-to-reward ratio as well as valuations are less favourable for Indian energy stocks.
The global investment bank downgraded ONGC to sell from a neutral earlier but raised the target to Rs 175 from Rs 160 earlier.BPCL was downgraded to neutral from buy earlier but the target price was raised to Rs 500 from Rs 435 earlier.
IOC was downgraded to sell from neutral earlier but the target price was raised to Rs 105 from Rs 85 earlier.
Goldman Sachs maintained a neutral rating on HPCL, and the target was raised to Rs 360 from Rs 245 earlier. RIL also has a buy rating, but the target price was raised to Rs 2885 from Rs 2660 earlier.
Jefferies on Godrej Consumer: Buy| Target Rs 1400
Jefferies maintained a buy rating on Godrej Consumer with a target price of Rs 1400. The CEO Sudhir Sitapati led the turnaround that has taken longer than expected.
The global investment bank sees 2024 likely to be a year of decisive turnaround. Looking forward to the HI launch along with the growth/margin trend in RCCL
Nuvama on IT sector: Infosys upgraded to Buy| Maintain buy on TCS
The downgrade cycle of the Indian IT cycle is likely to end in Q3FY24. Fundamentals are supportive as there are strong order books and the signs are visible of segmental revival.
The various segments are likely to recover in FIFO order-leading to strong growth in the IT industry. Declining interest rate regime to reinvigorate technology spending.
Nuvama upgraded Infosys to buy from hold earlier and the target price was raised to Rs 1800 from Rs 1400 earlier.
TCS is buy but the target price was raised to Rs 4,400 from Rs 4,150 earlier. Firstsource was upgraded to buy from hold and the target was raised to Rs 230 from Rs 170 earlier.
LTIMindtree is a buy and the target price was raised to Rs 7,350 from Rs 6,800 earlier. Coforge and Persistent Systems have a buy rating with a target price of Rs 7300 and 8600 respectively.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)