Hot Stocks: Citi downgrades RIL post Q3; Morgan Stanley cuts HUL target

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Brokerage firm Citigroup downgraded RIL to neutral, BofA Securities maintained a buy on UltraTech Cements, Morgan Stanley remained underweight on RBL Bank and Equal Weight on HUL.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Citigroup on RIL: Neutral | Target Rs 2910

Citigroup downgraded RIL post Q3 results but raised the target price to Rs 2910 from Rs 2600 earlier.

The Q3 numbers were largely in line with estimates. The O2C was softer while the Oil & Gas segments reported strong numbers.

Reliance Jio & retail segment numbers were in line with estimates. Cit downgraded RIL to Neutral as the risk-to-reward ratio is fairly balanced.

BofA Securities on UltraTech Cements: Buy | Target Rs 10,000

BofA Securities maintained a buy on UltraTech Cements with a target price of Rs 10,000. The global investment bank lowered FY25/26 EBITDA estimates by 5- 6% to adjust volume outlook post Q3.

Seasonality & other factors are likely to impact volumes in Q3. Prices are moving in sync with demand trends.

Morgan Stanley on RBL Bank: Underweight | Target Rs 250

Morgan Stanley maintained an underweight rating on RBL Bank with a target price of Rs 250. The asset quality remains healthy. A buildup of contingent buffers related to AIF investments drove higher credit costs.

The loan growth acceleration was led by the retail segment. Margin moderated to 2 bps QoQ and further improvement is expected.

Morgan Stanley on HUL: Equal Weight| Target Rs 2464

Morgan Stanley maintained an Equal Weight rating on HUL post-Q3 results but slashed the target price to Rs 2464 from Rs 2502 earlier.

The urban demand > rural demand. However, the volume growth remains weak at 2%.

Pricing turned negative in Q3 and will be in Q4 too. Corporate market share is expected to drop over the next few months and recover to current levels by Dec-24.

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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)

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