We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on Steel: Equal Weight on Tata Steel & SAIL
Morgan Stanley maintained an Equal Weight rating on Tata Steel and hiked the target to Rs 120 from Rs 115 earlier.
The global investment bank recommends an Equal Weight rating on SAIL and hiked the target price to Rs 85 from Rs 80 earlier.
JSPL has an underweight rating, but the global investment bank raised the target price to Rs 525 from Rs 500 earlier.
JSW Steel has an underweight rating, but the target price was raised to Rs 620 from Rs 585 earlier.
The domestic demand is likely to remain strong, said the note. Inventory draw-downs are likely to remain modest.
The spreads are likely to remain range-bound. The global investment bank expects the steel sector’s underperformance to continue even in 2024.
Motilal Oswal on Max Healthcare: Buy| Target Rs 780
Motilal Oswal maintained a buy rating on Max Healthcare with a target price of Rs 780. Max Healthcare (MAX) announced the acquisition of a 550-bed hospital, Sahara India Medical, in Lucknow for an enterprise value of INR9.4b.
“We raise our earnings estimate by 3% for FY25 to factor in the addition of business from Sahara Hospital,” said the note.
Motilal Oswal expects a CAGR of 19%/23% in EBITDA/PAT over FY23-25 for MAX on the back of an 8% CAGR in ARPOB, bed addition as well as improved occupancy at existing hospitals.
“We value MAX on the SOTP basis (26x 12M forward EV/EBITDA for hospital business, 18x EV/EBITDA for MaxLab business and 4x EV/sales for Max@home business) to arrive at a target of Rs 780,” the note said.
Cyient: Buy| Target Rs 2250
Motilal Oswal maintained a buy rating on Cyient with a target price of Rs 2250. The management reiterated its guidance of achieving revenue growth and margins within the projected range.
It believes that it has achieved the right portfolio or business mix to sustain strong performance. Its investments in fueling the sales engine and building strategic capabilities, coupled with a favorable upswing in industrial demand, have bolstered growth across BUs.
The majority of its growth vectors are performing well, which should help the company navigate any weakness in its communications vertical.
The company aspires to achieve an 18% EBIT margin (DET business) in the medium term, while a 20% EBIT margin remains a long-term aspiration.
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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)