We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
JPMorgan on Tata Motors: Neutral | Target Rs 455
JPMorgan downgraded Tata Motors to neutral with a target price of Rs 455. JLR free cash flow (FCF) generation is delayed for now, it said.
“JLR Q2 wholesales disappoint while the retail performance is slightly better. The zero net debt target could get pushed beyond FY25. Q2FY23 forecasts improvements across India and JLR,” said the note.
Axis Securities on IDFC First Bank: Buy| Target Rs 70
Axis Securities initiated coverage on IDFC First Bank with a buy rating and a target of Rs 70.
“We believe the company has all the right levers to grow profitably from hereon supported by its successful transition from infrastructure lending to building a diversified retail-focused loan book,” said the note.
It has reduced its high-risk infrastructure book to 5 per cent of the loan book in FY22 from 37 per cent in FY18 and the management has guided that the same is expected to reduce further, it added.
Edelweiss Securities on
: Buy| Target Rs 1,784
Edelweiss Securities initiated coverage on Sapphire Foods India with a buy rating and a target of Rs 1784.
Sapphire Foods India (Sapphire) offers a compelling growth story driven by significant store addition opportunities in KFC, said the brokerage.
“We are building in revenue/EBITDA CAGR of 24%/34% over FY22–25E factoring in 20% store expansion. We value Sapphire at 20x FY24E EV/EBITDA,” said the note.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
