We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on Avenue Supermarts (D-Mart): Hold| Target Rs 3850
Jefferies maintained a hold rating on Avenue Supermarts (D-Mart) but raised the target price to Rs 3850 from Rs 3700 earlier post September quarter results.
Q2 EBITDA was below estimates on lower GMs and higher staff costs. General merchandise and apparel mix remained muted which led to margin pressure.
H1 SSSG at 8.6% is respectable with improving footfalls that is evident from higher per-store transactions.
CLSA on ICICI Prudential Life Insurance: Buy| Target Rs 700
CLSA maintained a buy rating on ICICI Prudential Life Insurance with a target price of Rs 700. ICICI Bank channel’s current run-rate implies positive growth from October onwards.
Non-ICICI Bank channel signals drag from high-ticket policies. low APE/VNB growth expectations implied by the CMP.The global investment bank believes that the outlook today is far better, given its more diversified product and channel mix.
Macquarie on HDFC Life: Neutral| Target Rs 556
Macquarie maintained a neutral rating on HDFC Life with a target price of Rs 556. The annual premium equivalent (APE) growth is in line.
The Value of New Business (VNB) miss is on account of a decline in margins. The APE growth was strong from the Banca channel; however, other channels witnessed de-growth.
The margin decline was on account of a change in the product mix and higher opex.
Goldman Sachs on Paytm: Buy| Target Rs 1250
Goldman Sachs maintained a buy rating on Paytm post September quarter results and raised the target price to Rs 1250 from Rs 1200 earlier.
Paytm’s operating metrics have been surprisingly positive. The global investment bank has further raised FY24-26E EBITDA estimates by 2-5%.
The global investment bank expects Paytm to be the most profitable company within the India internet space. It sees the company turning net income positive in FY25 as a catalyst for the stock.
At 37x FY26 P/E, Paytm trades at a 20%/50% discount to Zomato/Nykaa, which the brokerage does not see as justified.
(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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