We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Goldman Sachs on Zomato: Buy| Target Rs 240
Goldman Sachs maintained a buy rating on Zomato but raised the target price to Rs 240 from Rs 170 earlier.
Quick commerce implied value now larger than food deliveries. Growth profile for Blinkit at 53% (gross order value) FY24-27E CAGR.
The global investment bank sees 32% FY24E-27E adjusted revenue CAGR for Zomato, the highest within our global Food delivery and India Internet coverage.
Blinkit is now valued at Rs 119/share while food delivery at Rs 98/share. Zomato continues to improve profitability, and the global investment bank believes that its multiples could further re-rate.
CLSA on ACC: Underperform| Target Rs 26400
CLSA maintained an underperform rating on ACC with a target price of Rs 26400. The March quarter results were in line.The strong volume growth was helped by MSA but profitability was muted. Cash cost/t was down 2% QoQ (-14% YoY), while Ebitda/t fell 21% QoQ to Rs805.
Goldman Sachs on Nestle India: Neutral| Target Rs 2550
Goldman Sachs maintained a neutral rating on Nestle India but raised the target price to Rs 2550 from Rs 2500 earlier.
Strong March quarter earnings driven by margin expansion. Gross margins may not sustain as input cost inflation increases.
Nestle could benefit from Dr Reddy’s medical representative network to grow the business.
JPMorgan on Tech Mahindra: Underperform| Target Rs 1100
JPMorgan maintained an underperform rating on Tech Mahindra but raised the target price to Rs 1100 from Rs 1050 earlier.
The road to recovery is very long. The management commentary was good enough to keep the narrative going for TechM’s turnaround story.
Targets are well-meaning but too far out in the future to adhere to in a business that feels like a quarterly/monthly treadmill.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)