Global brokerage JPMorgan has maintained an overweight rating on and a neutral stance in case of Bharat Forge. Macquarie believes that Life Insurance will outperform while Nomura has a buy rating on .
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Macquarie on
: Outperform | Target price: Rs 580
While maintaining an outperform rating on the stock, the investment bank said, “APE and VNB impact around ~6% but confident of bringing it down. Multi-pronged approach to be followed. Valuations at 1.5x FY24E P/EV are cheap.”
JPMorgan on Grasim Industries: Overweight | Target price: Rs 1,980
“Earnings were weak, overall VSF should improve on China re-opening. Steady progress on paints is a positive,” the brokerage said.
Morgan Stanley on : Equal-weight | Target price: Rs 3,553
Morgan Stanley maintained an equal-weight stance on the stock. “The company has gained market share post launch of Hunter. Margins and market share are likely to peak in 2023. Full benefits of commodity price decline and price hikes,” it said.
JPMorgan on Bharat Forge: Neutral | Target price: Rs 875
“Legacy business unlikely to surprise, Defence orders are the most important driver. EBITDA was 6% lower as margin expansion lagged expectations,” JP Morgan said
Nomura on Nykaa: Buy | Target price: Rs 214
Nomura maintained a buy rating on Nykaa. “Our DCF factors in ~18% revenue CAGR for FY25-40F (~34% online BPC market share), with EBITDA margin stabilizing at ~17.5% (vs 18.5%). We roll forward our valuation to March-24 from Dec-23F to arrive at TP of INR214. We maintain our Buy rating. The stock currently trades at ~11.5x FY25F EV/GP,” it said
Jefferies on : Buy | Target price: Rs 220
“While we expect healthy volume traction, FY23e margins are expected to be dragged by PVC volatility. We make minor tweaks to estimates, broadly retaining FY23-26e EPS,” the brokerage said.
“Despite ~25% uptick in the past 6M, FNXP still trades at an undemanding valuation of 17x FY24E EPS. Retain Buy with revised PT of Rs220 post rollover. Retain target PE at 18x, broadly in line with stock’s historical 5-year avg PE,” it added.
(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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