We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on L&T Technology Services: Underweight| Target Rs 4600
Morgan Stanley maintained an underweight rating on L&T Technology Services with a target price of Rs 4,600. The Q3 results were a miss, but management commentary was constructive on demand.The global investment bank likes the strong deal pipeline and the recent deal wins. None of the verticals declined sequentially for the second quarter in a row, which we view as ‘comforting’.
Given the stock outperformance, Morgan Stanley believes that it would need material acceleration in growth in FY25, absent which it could underperform.
Nuvama on HDFC Bank: Hold| Target Rs 1730
Nuvama downgraded HDFC Bank to hold from buy earlier post Q3 results and has also slashed the target price to Rs 1,730 from Rs 1,770 earlier.
The beat on NII, miss on fees and credit cost, and a sharp decline in LCR. The brokerage firm slashed earnings by 5-6% for FY25/26 and the cut in core earnings is higher at 8% due to a ~4% cut in loan growth.
HDFC Bank remains the strongest banking franchise in India, but the earnings narrative will overwhelm in the short to medium term.
Morgan Stanley on ICICI Lombard: Overweight| Target Rs 1,750
Morgan Stanley maintained an overweight rating on ICICI Lombard with a target price of Rs 1750. The net profit missed consensus by 10-15% as the company booked much lower capital gains.
The management maintained its combined ratio guidance of 102% by the end-FY25. The management cited early signs of competitive intensity easing in the motors segment.
Health business growth trajectory is likely to pick up in FY25, and sustained progress will be key.
UBS on GAIL India: Buy| Target Rs 190
UBS maintained a buy rating on GAIL India but raised the target price to Rs 190 from Rs 150 earlier.
The earnings growth prospects are not fully priced in. The scope of expansion in transmission EBITDA. The company is on the lookout for long-term deals.
The global investment bank expects FY25-26 gas trading EBITDA of Rs 4,500 cr. Lower LNG prices could help regain the Petchem business’s profitability.
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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)
