We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
BofA Securities on OMCs: IOC, BPCL, and HPCL
BofA Securities maintained a neutral rating on IOC but raised the target price to Rs 165 from Rs 145 earlier.
The investment bank maintained an underperform rating on BPCL but raised the target price to Rs 515 from Rs 430 earlier.
BofA maintained an underperform rating on HPCL but raised the target price to Rs 370 from Rs 325 earlier.
Strong GRMs are likely to drive earnings upgrades for OMCs. However, valuations remain expensive. Oil markets are fairly balanced in the midst of a geopolitical storm.
Citigroup on Piramal Enterprises: Sell| Target Rs 850
Citigroup maintained a sell rating on Piramal Enterprises with a target price of Rs 850. IT order received allowing carry forward of losses.Tax benefits are likely to accrue in the coming years. The global investment bank will await clarification from the company on the treatment of this benefit.
Citigroup on GAIL India: Buy| Target Rs 200
Citigroup maintained a buy rating on GAIL India but raised the target price to Rs 200 from Rs 195 earlier.
The US Henry Hub prices have fallen sharply, from an average of $2.7/mmBtu in Q3 to $1.5. This could brings down GAIL’s input gas cost in the petchem segment by $0.5.
Even as realisations remain largely stable, this will improve quarterly petchem EBITDA, said the note.
JM Financial on Go Fashion: Buy| Target Rs 1285
JM Financial maintained a buy rating on Go Fashion with a target price of Rs 1285. Go Fashion’s 9MFY24 performance has been below expectation, especially on the SSSG front, which, the brokerage firm believes, is more a function of the weak macro environment.
While the company is beefing up its business development team to accelerate store expansion to 150 stores p.a. from the current run-rate of 120 stores p.a., the execution on refining working capital is quite commendable as it has resulted in positive FCFF generation.
“While the near-term market context remains challenging, SSSG decline has been arrested and recovery here will also bring back scale efficiencies. We believe it’s more a question of when and not if,” said the note.
JM Financial continues to like Go Fashion’s execution machinery and recommends that investors not get too carried away by short-term weakness.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)