We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
HSBC on UPL: Buy| Target Rs 775
HSBC maintained a buy rating on UPL with a target price of Rs 775. The company is going through a transitory difficult phase before resurgence.
The global investment bank sees possible recovery in Q3 given visible signs of reducing inventories and stabilizing prices.
The stress test suggests that the balance sheet remains protected despite headwinds. LatAm is a potential catalyst and the global CP business is much undervalued.
CLSA on Piramal Enterprises: Underperform| Target Rs 1150
CLSA maintained an underperform rating on Piramal Enterprises with a target price of Rs 1150. The long-term growth and profitability targets were unveiled.
The company looks to double its balance sheet over the next five years with ‘retailisation’.
The term ‘M&A’ was mentioned several times by various members of the management, with respect to the company’s history as well as its future.
The underperform rating is due to its low RoE and a sharp run-up seen in the stock price.
Investec on Indian Bank: Hold| Target Rs 430
Investec downgraded Indian Bank to Hold but raised the target price to Rs 430 from Rs 400 earlier.
The net interest margins (NIMs) are approaching all-time highs and may decline incrementally. The excess liquidity buffers considerably have been reduced.
The credit costs decline will be a huge advantage in the near term. The valuations are at par with SBI. The brokerage firm believes that valuations fully reflect the best-case scenarios.
Macquarie on RIL: Underperform| Target Rs 2100
Macquarie maintained an underperform rating on RIL with a target price of Rs 2100. The management largely reiterated already articulated medium-term strategic objectives, it said.
The global investment bank believes that the lack of guidance on spin-off timelines for Jio and Retail will disappoint the market.
The common thread across the presentation was taking Reliance’s products & services overseas.
With the AGM now done, Macquarie believes that the market focus will now shift to earnings.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)