Brokerage Radar: Motilal Oswal upgrades Coforge to 'Buy', Morgan Stanley has 'overweight' call on Suzlon Energy

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Axis Bank, IT stocks, life insurance stocks and more.

Jefferies On Axis Bank
Buy Call, Target `1,500/Sh
Credit Cost To Normalise; Prefer NIMs Over Growth
Co Reassured That Surge In Credit Costs In Q1 Can Normalise
Credit Cost To Normalise Even As Conservative Provisioning Policy On Unsecured Loans Upfronts
Deposit Growth Is Slower But Bank Is Managing Funding-Cost Better That Helps To Holdon To NIMs
Steps On Premiumisation & Corporate Salary Clients Will Steadily Improve Deposit Franchise
Valuations Are At Discount To Peers; It Stays Among Top Picks

CLSA On ICICI Bank
Outperform Call, Target `1,500/Sh
Bank Well Placed On Deposits And Does Not Expect The Cost Of Deposits To Rise Materially
NIM Is Likely To Be Stable & Rate Cut Would Only Result In A Temporary NIM Compression
Bank Is Not Guiding Any Cost-To-Income Ratio Level But It Is Aiming To Deliver Profitable Growth

Jefferies On GMR Airports
Buy Call, Target `106/Sh
See The Delhi International Airport Deal As Attractively Priced
Airports Authority Of India Would Continue To Holds 26% Equity Stake Of DIAL
We Haven't Reviewed SOTP Valuations For Co As Of Now, Given The Deal Is Amid Closure
Over 50% Of The Valuation For GMR Airports In Our SOTP Comes From DIAL

Motilal Oswal On IT
Top Picks Are HCLTech (Target `2,200/Sh), LTIMindtree (Target `7,400/Sh), Persistent (Target `6,300/Sh)
Upgrade Coforge To Buy, Target `8,100/Sh
IT Services Sector Could Be On Cusp Of Recovery
Estimate HCLTech To Lead Revenue Growth Among Large Caps Over Next Three Years
Positive Outlook On LTIMindtree Is Based On Its Best-in-class Offerings In Data & ERP Modernisation
Persistent Sys, With Its Strong Product Engineering Background, Remains Fastest-Growing IT Svcs Co
Persistent Sys Well-Positioned To Benefit From Long-Term GenAI Investments
Believe Coforge Can Leverage Synergies From Cigniti
Healthy Growth In Coforge’s Executable Orderbook Bodes Well For Its Core Business

Morgan Stanley On Dixon Tech
Equal-Weight Call, Target `8,696/Sh
HP India Is The Third Large Customer That Co Has Onboarded In The IT Hardware Segment
HP Enjoys 28-30% Market Share In India's Desktop And Notebook Segment
Lenovo And Acer Have Around 15% Each Market Share

Morgan Stanley On Suzlon Energy
Overweight Call, Target `73.4/Sh
NTPC Project Scope Includes Supply Of Turbines, Erection & Commissioning And O&M
The Large Contract Offers Improved Earnings Visibility For FY26-27

HSBC On Life Insurance
Industry’s Individual APE Growth Moderated To 10% Vs 18-19% YoY Run-rate In Previous 3 Months
Growth Slowdown Was Sharper For Large Insurers Vs Small Insurers
Growth In Number Of Policies Sold Also Moderated
ICICI Pru’s Individual APE Growth (29%) Remained Faster Than Industry’s
HDFCLIFE Continued Its Healthy Growth In NoPs

Nomura On Life Insurance
Growth Was Soft In August
Private Players Continued To Outpace The Overall Industry
Growth Of The Public Insurance Industry Was Muted
Private Players’ Market Share Increased To Nearly 70%
YTD FY25 Growth Came In At 17%/23% YoY For The Overall Industry/Private Players

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