We have collated a list of recommendations from top brokerage firms from ETNow:
Morgan Stanley on Marico: Equal weight | Target: Rs 553
Morgan Stanley has maintained an Equal weight’ stance on the stock for a price target of Rs 553. In a note it said that the environment of no to low top-line growth persists which is a constraint on profitability in the general trade channel and remains an overhang for the FMCG sector as a whole. Among positives, low raw material cost trends supported gross margin improvement, this brokerage said as it highlighted company management’s expectations of gradual recovery in 2024.
Nomura on Marico: Neutral | Target: Rs 600
Nomura maintains a neutral view on the counter for a price target of Rs 600 as it highlighted yet another quarter of weaker-than-expected sales. The company reported a low-single-digit decline versus expectation of low-single-digit growth. Nomura believes India business will also report negative sales growth for the third consecutive quarter. Though the company’s margin expansion will remain strong due to continued softness in raw material prices, the Japanese brokerage said.
CLSA on Godrej Consumer Products: Sell | Target: Rs 936
CLSA has maintained a sell call on Godrej Consumer (GCPL) with target price of Rs 936 amid weak sales and in-line domestic volume. Organic sales growth declined at consolidated level due to currency impact from the overseas business, the brokerage note said.
Morgan Stanley on Godrej Consumer: Overweight | Target: Rs 1,072
Morgan Stanley has maintained an overweight stance on GCPL for a target price of Rs 1,072. In its view, the consolidated organic revenue is expected to decline at low single digits with India business organic volume growth remaining in mid-single digits. International business will likely be affected by currency devaluation. Morgan said that the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margins (including forex) expanded year-on-year, despite higher advertising and promotional (A&P) spends.
HSBC on Titan: Buy | Target: Rs 4,200
HSBC has maintained a buy rating on Titan Company shares and hike the target price to Rs 4,200 from Rs 3,900, earlier. In a note, the brokerage acknowledged strong YoY Q3 jewellery sales at 23%, ahead of consensus expectations. Other divisions did well too except the EyeCare division, it said. Strong and consistent results reinforce Titan’s structural attractiveness, HSBC commented.
Morgan Stanley on Titan: Equal Weight | Target: Rs 3,190
Morgan Stanley maintains an equal weight stance on Titan with target price of Rs 3,190. Strong jewellery demand trends versus the general sluggishness in discretionary demand augurs well with the company reporting an over 20% growth for the fourth quarter in a row. In Morgan’s view the strategy of regular gold exchange programs is working out favorably for Titan.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)