We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Nuvama on Bajaj Consumer: Buy | Target Rs 258
Nuvama upgraded Bajaj Consumer to a buy with a target of Rs 258. The Q1FY24 is likely to be a start of a strong year ahead.
The hair oil market in India is not declining. The brokerage firm expects Bajaj’s volumes to recover. The margins should also see a jump given refined mustard oil (RMO) is down sharply. Given the backdrop, it expects the stock to re-rate hereon.
Jefferies on Newgen Software: Buy| Target Rs 860
Jefferies maintained a buy rating on Newgen Software with a target of Rs 860. The company reported an all-round beat.
License sales drive revenue surprise. Strong growth visibility was led by the banking vertical. The global investment bank hikes FY24-25 EPS estimates by 2-4% to reflect the Q1 beat and expects 23%.
Morgan Stanley on Can Fin Homes: Equal-Weight| Target Rs 640
Morgan Stanley maintained an Equal-Weight rating with a target price of Rs 640. The net profit beat estimate was led by higher net interest margins (NIMs) and lower operating costs.
The calculated NIMs expanded by 17 bps quarter-on-quarter (QoQ) to 3.6%. GNPA was stable on a year-on-year (YoY) basis while provision coverage fell both YoY and QoQ.
Morgan Stanley on L&T Finance: Equal-Weight| Target Rs 105
Morgan Stanley maintained an Equal-Weight with a target price of Rs 105. The consolidated PAT beat of 2% was led by higher net interest income (NII) and fees.
The provision cover has improved. The balance sheet “retailization” continues.
Morgan Stanley on Tata Motors: Overweight| Target Rs 711
Morgan Stanley maintained an overweight rating on Tata Motors with a target price of Rs 711. Tata Group plans another 40GW EV battery plant in the UK.
In-house battery manufacturing may carry technological risks. But it supports a steady supply of battery cells and can help mitigate potential geopolitical risks.
The global investment bank thinks that the Tata Group’s EV focus should help Tata Motors in its EV ramp-up.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)