We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on the metal sector: JSW Steel, Coal India and Hindalco
Jefferies upgraded JSW Steel to hold from underperform earlier and raised the target price to Rs 800 from Rs 700 earlier.
The global investment bank maintained a buy rating on Coal India but raised the target price to Rs 450 from Rs 425 earlier.
It maintained a buy rating on Hindalco and also raised the target price to Rs 725 from Rs 660 earlier.
The global investment bank is cautiously optimistic for the year 2024. Asian steel price improves but spread still at a decade low.
Jefferies sees a healthy 6-15% volume CAGR over FY24-26 for Coal on rising power demand and for Steel Co.’s on capacity expansions.
It remained positive in the sector but preferred Coal India amid global uncertainties. Coal India FY25-26 EPS are 19-21% above the street; its 7.3x FY25E PE and 7% dividend yield are attractive.
Motilal Oswal on Lemon Tree: Buy| Target Rs 150
Motilal Oswal maintained a buy rating on Lemon Tree but raised the target price to Rs 150 from Rs 135 earlier which translates into an upside of 27% from Rs 118 recorded on January 1, 2024.
The stock is scaling new heights. Re-ignition of convention centers to boost growth trajectory is positive.
The company has a robust pipeline to drive the next leg of growth. It sees further improvements in occupancy and ARR on the back of resilient demand.
The domestic brokerage firm expects the company to deliver a revenue/EBITDA/Adj. PAT CAGR of 21%/22%/38% over FY23-26.
Antique on BHEL: Buy| Target Rs 230
Antique maintained a buy rating on BHEL with a target price of Rs 230. Reportedly, it is well positioned to win NLC’s Talabira project – a potential turnaround story unfolding.
Around 20 GW+ thermal power orders are in the pipeline. Non-power segment providing sustainable growth catalysts.
Vande Bharat trainset order will propel BHEL’s presence in the railway segment. Defense is also an emerging growth driver for the stock.
Choice Broking on Concord Biotech: Buy| Target Rs 1715
Choice Broking initiated coverage on Concord Biotech with an outperform rating and a target price of Rs 1715.
Concord Biotech Limited is an R&D-driven biopharma company that manufactures API through fermentation & semi-synthetic processes and finished formulations.
Concord is actively expanding its horizons by partnering with leading global pharmaceutical companies by meeting their product development needs for APIs & finished formulations.
“We estimate FY23-26E Revenue/EBITDA/PAT CAGR of 21.4%/26%/27.5%. We value the stock at 36x FY26E EPS to arrive at a target price of Rs.1,715 and initiate our coverage with an outperform rating on the stock,” said the note.
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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)