Macquarie recommends an outperform rating on Marico and Emkay initiated coverage on Indian Hotels with a buy rating.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on PNB: Underweight| Target Rs 55
Morgan Stanley maintained an underweight rating on PNB with a target price of Rs 55. The growth has moderated in both gross loans and deposits.
The domestic loans grew by 14% on a year-on-year (YoY) basis vs. 15% YoY last quarter.
Morgan Stanley on L&T Finance: Underweight| Target Rs 110
Morgan Stanley maintained an underweight rating on L&T Finance with a target price of Rs 110.The retail loan book continued to scale in Q2, and the disbursements remained robust. Retailization of loan book and retail loan book growth continues to be on track.
The global investment bank awaits further details about margins, credit costs, asset quality, etc., in Q2 results.
Macquarie on Marico: Outperform| Target Rs 635
Macquarie maintained an outperform rating on Marico with a target price of Rs 635. Weak rural recovery has been driving slower-than-expected low single-digit volume growth.
This was a moderation from the guidance of volume growth improving in Q2 from 3% levels seen in Q1.
Ebitda growth commentary was weaker than expected at low double digits.
Emkay on Hotels: Indian Hotels, Lemon Tree
Emkay initiated coverage on the hotel industry. The brokerage firm initiated coverage on Indian Hotels with a buy rating and a target price of Rs 485.
Lemon Tree has a buy rating and a target price of Rs 141. Chalet Hotels has a hold rating with a target price of Rs 625.
Demand is likely to remain robust amid limited supply. The occupancy is likely to stay elevated. Room adds/margin expansion is likely to aid debt reduction and returns enhancement.
The uptrend in the Indian hotel industry typically lasts for 5-6 years.
(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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