We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Macquarie on United Spirits: Underperform| Target Rs 910
Macquarie maintained an underperform rating on United Spirits with a target price of Rs 910. Pernod India sees ~7% sales growth in Q3.
United Spirits saw stronger growth vs Pernod India but saw market share losses to Radico. Market share losses vs Radico owing to sharp divergence in prestige sales growth remaining similar to Q2 levels in Q3.
CLSA on Sun TV: Outperform| Target Rs 675
CLSA downgraded Sun TV to outperform from a buy earlier but raised the target price to Rs 675 from Rs 530 earlier.Subscriptions-led revenue was a surprise. The new tariffs will be applicable from Q4-end. There is a lack of disclosures, and the focus is low on OTT Sun NXT.
Morgan Stanley on M&M: Overweight| Target Rs 1952
Morgan Stanley maintained an overweight rating on M&M with a target price of Rs 1952. The global investment bank believes that M&M can be the fastest-growing PV play in 2025.
The rate of change will be key to track tractor sales. Multiples can re-rate as valuations adjusted for growth and relative to peers look attractive.
Morgan Stanley on HDFC Bank: Overweight| Target Rs 2110
Morgan Stanley maintained an overweight rating on HDFC Bank with a target price of Rs 2110. Incremental home loan disbursal market share improved to 20% run-rate post merger.
The management is seeing accelerated market share gains, improved turnaround time, and improved CASA cross-selling.
The management announced its plans to launch a couple of products in the near term. It also highlighted that cross-selling will be an ongoing focus for both existing as well as new customers.
The bank noted that turnaround time has decreased to almost one-third post merger.
(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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