Global brokerage firm CLSA upgraded to outperform, BofA maintained an underperform rating on Bharat Forge, BofA retained a buy rating on and Citi downgraded to sell post Q2 results.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
CLSA on IndusInd Bank: Outperform| Target Rs 1400
CLSA upgraded IndusInd Bank to outperform with a target price of Rs 1,400. The company reported a cyclical rebound in the core business’s progress.
“The growth outlook is improving with a cyclical rebound in the core businesses. Delivering on liabilities will be a key medium-term objective,” CLSA said.
The net interest margin (NIM) outlook is stable and is undershooting credit cost which implies a low risk to earnings, it added.
BofA on Bharat Forge: Underperform| Target Rs 730
BofA maintained an underperform rating on Bharat Forge with a target price of Rs 730. Q2 was a big miss, said the note.
“Business from the defence sector is a silver lining but it is largely priced in. The stock has seen a steep up move since June end which adequately captures the euphoria,” the note added.
Citi on NMDC: Downgrade to Sell| Target Rs 100
Citigroup downgraded NMDC to sell with a target price of Rs 100. The downgrade is largely because of domestic ore price concerns.
NMDC trades at 4x 1-year forward, EV/EBITDA on consensus — this is in line with global peers. The global investment bank said that it struggles to find upside triggers.
BofA on LIC: Buy| Target Rs 945
BofA maintained a buy rating on LIC with a target price of Rs 945. The value of new business or VNB is in line with estimates.
The group growth is supported by annuity/pension. LIC trades at around 70% discount to other Indian listed peers.
Sustained delivery on stated growth and margin can drive upward re-rating, said the note.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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