IRB Infra Brokerage: Morgan Stanley Rating: Overweight Target: Rs 186 Rationale: While news flow could remain an overhang on performance in the near-term, a combination of strong cash flows and relatively low vulnerability to the macro environment keeps it a top pick in the Indian infra space.
Bharti Brokerage: Credit Suisse Rating: Overweight Target: Rs 355 Rationale: The risk-reward for Bharti now seems favourable, with EBITDA estimates nearing the bottom and regulatory clarity emerging.
M&M Brokerage: Deutsche Bank Rating: Hold Target: Rs 845 Rationale: The management indicated that they expect significant synergies in sourcing, purchasing, distribution and R&D from Ssangyong. Upside risk remains better tractor volume growth, but a slower than expected ramp-up in XUV and Maxximo volumes is a key downside risk.
Tata Global Beverages Brokerage: Morgan Stanley Rating: Underweight Target: Rs 140 Rationale: While the management change and the joint venture with Starbucks is incrementally positive, the contribution to earnings will be limited.