We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Macquarie on Zydus Life: Underperform| Target Rs 490
Macquarie maintained an underperform rating on Zydus Life with a target price of Rs 490. The Q2FY24 results were a mixed bag.
Revenue and EBITDA missed our estimates by 8% each. The net profit was 15% beat on higher other income.
The management attributed QoQ’s decline in the US revenue to lower gRevlimid sales, which is expected to bounce back in Q4.
The management expects to launch 30-40 products in the US Gx annually.Macquarie on Hindalco: Outperform| Target Rs 562
Macquarie maintained an outperform rating on Hindalco with a target price of Rs 562. In the 2QFY24, margins came as a surprise and the expansion is on track.
The volume surprise drove EBITDA beat. Hindalco remains our preferred play in the non-ferrous space.
Jefferies on Anupam Rasayan: Underperform| Target Rs 825
Jefferies maintained an underperform rating on Anupam Rasayan post Q2 results and slashed the target to Rs 825 from 860 earlier.
The 2QFY24 was in line with estimates and the management expects a strong recovery in 2HFY24.
There is a sharp rise in the working capital, normalization by end-FY24. The global investment bank expects 2HFY24 revenues to be 1.5x 1HFY24. Promoter participation in fund raise positive.
Jefferies on Alkem Laboratories: Underperform| Target Rs 3600
Jefferies maintained an underperform rating on Alkem Laboratories but raised the target price to Rs 3600 from Rs 3550 earlier.
Q2 was an aberration. The company reported a sales miss in India, but a strong beat in exports.
Alkem increased FY24 Ebitda margin guidance marginally from 16% to 16.5%.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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