Houseviews: 4 stocks on brokerages` radar

Houseviews: 4 stocks on brokerages` radar
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Houseviews: 4 stocks on brokerages` radar
  • 
	ONGC

	Brokerage: Goldman Sachs

	Rating: Rs 350

	Target: Buy

	Rationale: While profits were below estimates on account of lower sales and realisations, the share price is already factoring in an unlikely worst case scenario of 45% upstream share in fy13. Even if the worst case is realized, ONGC's implied value of 308 would still be higher than the current share price.

    ONGC Brokerage: Goldman Sachs Rating: Rs 350 Target: Buy Rationale: While profits were below estimates on account of lower sales and realisations, the share price is already factoring in an unlikely worst case scenario of 45% upstream share in fy13. Even if the worst case is realized, ONGC's implied value of 308 would still be higher than the current share price.

  • 
	Cummins

	Brokerage: Deutsche bank

	Rating: Rs 555

	Target: Buy

	Rationale: Revenues were largely in line with expectations and were well explained by the slowdown in the domestic industrial and infrastructure segment sales and concerns on exports.

    Cummins Brokerage: Deutsche bank Rating: Rs 555 Target: Buy Rationale: Revenues were largely in line with expectations and were well explained by the slowdown in the domestic industrial and infrastructure segment sales and concerns on exports.

  • 
	Ashok Leyland

	Brokerage: Nomura

	Rating: Rs 26

	Target: Neutral

	Rationale: Profits were 70% above consensus estimates, with the key surprise being the improvement in margins. However, the key will be management commentary on volume estimates. The earlier guidance of 7% growth is unlikely to be held after the high volume decline in the past 3 months.

	 

    Ashok Leyland Brokerage: Nomura Rating: Rs 26 Target: Neutral Rationale: Profits were 70% above consensus estimates, with the key surprise being the improvement in margins. However, the key will be management commentary on volume estimates. The earlier guidance of 7% growth is unlikely to be held after the high volume decline in the past 3 months.  

  • 
	Ranbaxy

	Brokerage: UBS

	Rating: Rs 280

	Target: Sell

	Rationale: The brokerage remains cautious given the weak core earnings and lackluster growth across most geographies. Timelines and costs related to resolution of consent decree remain uncertain and will continue to weigh on profitability over the medium-term.

    Ranbaxy Brokerage: UBS Rating: Rs 280 Target: Sell Rationale: The brokerage remains cautious given the weak core earnings and lackluster growth across most geographies. Timelines and costs related to resolution of consent decree remain uncertain and will continue to weigh on profitability over the medium-term.

  • 
	ONGC

	Brokerage: Goldman Sachs

	Rating: Rs 350

	Target: Buy

	Rationale: While profits were below estimates on account of lower sales and realisations, the share price is already factoring in an unlikely worst case scenario of 45% upstream share in fy13. Even if the worst case is realized, ONGC's implied value of 308 would still be higher than the current share price.
  • 
	Cummins

	Brokerage: Deutsche bank

	Rating: Rs 555

	Target: Buy

	Rationale: Revenues were largely in line with expectations and were well explained by the slowdown in the domestic industrial and infrastructure segment sales and concerns on exports.
  • 
	Ashok Leyland

	Brokerage: Nomura

	Rating: Rs 26

	Target: Neutral

	Rationale: Profits were 70% above consensus estimates, with the key surprise being the improvement in margins. However, the key will be management commentary on volume estimates. The earlier guidance of 7% growth is unlikely to be held after the high volume decline in the past 3 months.

	 
  • 
	Ranbaxy

	Brokerage: UBS

	Rating: Rs 280

	Target: Sell

	Rationale: The brokerage remains cautious given the weak core earnings and lackluster growth across most geographies. Timelines and costs related to resolution of consent decree remain uncertain and will continue to weigh on profitability over the medium-term.

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