We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
BofA Securities on NHPC: Underperform| Target Rs 63
BofA Securities recommended an underperform rating on NHPC with a target price of Rs 63. The Q3 earnings were a miss on lower generation led by lower water availability.
There is an 18GW pumped storage projects (PSP) opportunity and capacity is added to be back-ended.
The global investment bank reiterates underperform on limited capacity additions and high valuations.
Morgan Stanley on SAIL: Equal Weight| Target Rs 85
Morgan Stanley maintained an Equal Weight rating on SAIL with a target price of Rs 85. The company reported a big EBITDA miss led by weak volumes.Revenue and EBITDA were 20%/30% below consensus. The benefits of lower raw material costs were more than offset by higher fixed costs.
Jefferies on Thermax: Buy| Target Rs 4000
Jefferies maintained a buy rating on Thermax but reduced the target price to Rs 4000 from Rs 4130 earlier.
The company has grabbed a large project pipeline, and the base order outlook is also comfortable. India is in a healthy space.
Operating leverage to support margin expansion in FY23-26E and valuations should remain supported by earnings traction.
Jefferies on PI Industries: Buy| Target Rs 4165
Jefferies maintained a buy rating on PI Industries but reduced the target price to Rs 4165 from Rs 4290 earlier.
Growing early-stage portfolio cushions destocking impact. Domestic formulation was below estimates and is likely to remain weak in Q4FY24.
Pharma would fare better in H2FY24 but miss earlier guidance.
(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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