We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on Telecom: Bharti Airtel, Indus Tower
Jefferies maintained a buy rating on Bharti Airtel and raised the target price to Rs 1300 from Rs 1085 earlier.
The brokerage firm retained an underperform rating on Indus Tower but raised the target price to Rs 160 from Rs 150 earlier.
Stars are aligning for tariff hikes in 2024. The global investment bank expects a steady rise in the 5G adoption. The upcoming spectrum auction is unlikely to pose risks.
Jefferies expects a pick-up in growth/FCF. Bharti Airtel is favourably positioned as a buy while for Indus Towers there is too much optimism priced in. Timing of tariff hikes and VIL’s funding will be key focus areas.
Morgan Stanley on Bank of India: Overweight| Target Rs 135
Morgan Stanley maintained an overweight rating on the Bank of India with a target price of Rs 135. Gross loan growth remained strong at 4.2% QoQ vs. 4.8% QoQ last quarter.The deposit growth remained muted – rightly so, given higher excess liquidity. The domestic loans to deposits ratio improved to 79% vs. 76% last quarter and 77% last year.
HSBC on Zomato: Buy| Target Rs 150
HSBC maintained a buy rating on Zomato but raised the target price to Rs 150 from Rs 140 earlier.
After an extremely strong 2023, the global investment bank expects a relatively muted business and stock performance in 2024.
The long-term view remains constructive and highly dependent on the continued progression of the QC business. Q3 and Q4 are unlikely to drive major earnings upgrades.
Investec on HCL Technologies: Sell| Target Rs 1335
Investec initiated coverage on HCL Technologies with a fast sell rating and a target price of Rs 1335.
There aren’t many near-term catalysts to support the stock. The brokerage firm sees limited upside risks. Valuation at 22.4x FY25E is ahead of post-Covid averages.
A pickup in discretionary spending is unlikely in the near term. Flattish performance over the next two quarters and there is valuation parity to Infosys – Investec expects the stock to underperform.
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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)
