Also, ICICI Securities maintained a buy on Zomato and Citi maintained a buy rating on BPCL.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
InCred on TCS: Hold| Target Rs 3628
InCred maintained a hold rating on TCS but raised the target price to Rs 3628 from Rs 3625 earlier.
The IT company is going through rough seas which was anchored by a share buyback. Q2FY24 revenue missed the estimate, but the EBIT margin was above estimate.
Deal wins, ex-BSNL, were soft on a sequential basis. BSNL deal ramp-up could be faster than expected, but it could be a headwind to EBIT margin.
Morgan Stanley on Steel: Tata Steel, JSW Steel, JSPL
Morgan Stanley maintained an Equal-Weight rating on Tata Steel but raised the target price to Rs 115 from Rs 110. It has an Equal-Weight rating on SAIL but slashed the target to Rs 80 from Rs 85 earlier.The global investment bank maintained an underperform rating on JSW Steel but raised the target price to Rs 585 from Rs 580 earlier.
It also maintained an underperform rating on JSPL but raised the target price to Rs 500 from Rs 460 earlier.
Steel stocks have done well over the past few months, but the brokerage remains guarded. The reason for the cautious stance is – domestic supply > demand, a weak global macro environment, and unattractive valuations.
“We don’t expect any material expansion in spreads over the next few months. China remains active in the export market, in turn pressuring Indian exports, and hence inventory destocking in India,” said the note.
ICICI Securities on Zomato: Buy| Target Rs 160
ICICI Securities maintained a buy rating on Zomato but raised the target price to Rs 160 from Rs 120 earlier.
The medium-term guidance of 4-5% adj. EBITDA as a proportion of GOV should be achieved as early as Q3FY24.
Citi on BPCL: Buy| Target Rs 445
Citigroup maintained a buy rating on BPCL with a target price of Rs 445. The global investment bank sees two key catalysts for a short-term rebound in the stocks in the coming weeks.
Q2 earnings performance should cement expectations for healthy interim dividends. Concerns on fuel price cuts should now ease with dates for five state elections announced.
Crude prices are still down $7/bbl from their Sep’23 highs and gasoline & diesel cracks too have cooled off by $9-12/bbl.
These factors sharply improve spot-integrated margins for OMCS.
(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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