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Houseviews: Brokerage advice on HUL, RIL, Adani Power
Citi has downgraded HUL to sell from neutral with a target of Rs 345. After the sharp outperformance over the second half of 2011, there is little rationale to be constructive as the business will probably face headwinds from challenges in the soaps, detergents segment going forward.
Citi has downgraded HUL to sell from neutral with a target of Rs 345. After the sharp outperformance over the second half of 2011, there is little rationale to be constructive as the business will probably face headwinds from challenges in the soaps, detergents segment going forward.
Goldman Sachs has upgraded Reliance Industries to buy from neutral with a target of Rs 970. They believe that an upcycle in refining will lift margins and is likely to drive earnings surprise for reliance over the medium-term by offsetting lackluster E&P performance.
RBS has downgraded Adani Power to a sell and cut its target to Rs 68. The company's third quarter earnings were sharply lower than forecast, led by a sharp rise in fuel cost. Non-payment of MAT tax and alternative coal block allocations remain the key upside risks. Risk-reward remains unfavourable at current market price.
Bank of America Merrill Lynch reiterates an underperform on Spicejet with a target of Rs 18. Despite the third quarter being seasonally the strongest, the airline posted yet another loss. They continue to expect losses for both FY12 and FY13 and expect break-even only in FY14.
