Brokerage Radar: BofA cuts Indus Tower's target price, Macquarie upgrades JSW Steel

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes metal, telecom, pharma stocks and more.

BofA Sec On Indus Towers
Buy Call, Target Cut To `450/Sh From `490/Sh
AGR Decision Is Not Direct But Derivative Impact On Co
See No Impact On Expected On Tenancy Growth
There is Possibility Of Multiple De-rating
Low Possibility Of Lump Sum Payment & Any Special Dividend Now
Buy Call Given Inexpensive Valns (6.9X Our FY26 EV/EBITDA Vs 12.6X For Global Peers)

Macquarie On Metals
Upgrade JSW Steel To Outperform Call; Target Raised To `1,077/Sh
JSPL Remains Top Sector Pick; Target Raised To `1,170/Sh
Outperform Call On Hindalco, Target Raised To `760/Sh
Outperform Call On Tata Steel, Target Raised To `171/Sh
Raise Target Price On Coal India To `541/Sh
Our Commodities Price Outlook Factors In Upside Risks Over Next 6-12 Months
Steel Companies Set To Benefit From Domestic Price Premium To Import Parity
Steel Companies Set To Benefit From Steady Leverage And Easing Input Costs

BofA Sec On Pharma
Reiterate Neutral Call On Zydus Life, Target Cut To `1,145/Sh From `1,310/Sh
Reiterate Underperform Call On Lupin, Target Cut To `1,560/Sh From `1,660/Sh
Mirabegron Uncertainty Weigh On Zydus Life/Lupin In Near-term
Do Not Expect Cos To Stop Supplies (Unless There Is Restriction By Court)
There Is Uncertainty Due To Turn Of Events, Does Create A Near-term Overhang

Goldman Sachs On Telecom
Sell Call On Vodafone Idea, Target `2.5/Sh
Sell Call On Indus Towers, Target `350/Sh
Buy Call On Reliance Ind, Target `3,430/Sh
Buy Call On Bharti Airtel, Target `1,700/Sh
SC Rejects Curative Petition On AGR
In Base Case Were Not Building Any Reduction In AGR Liability.
SC’s Move On AGR Raises Probability Of Larger & More Frequent Tariff Hikes For Vodafone Idea
Vodafone Idea May See Tariff Hikes To Be Able To Bridge The FCF Gap
SC’s Move May Also Result Into Larger & Frequent Or Mkt Share Gains In Favour Of Bharti & Jio
It Remains To Be Seen Whether Govt Could Provide Any Relief Measures
In Absence Govt Relief, Would Expect FCF For Voda Idea To Be Negative At Least Until FY31

UBS On Telecom
Maintain Buy Call On Voda Idea
We Earlier Highlighted That Voda Idea’s Fair Value/Sh Can Range Between `12 With No Relief On AGR
SC’s Dismissal Of Petition Now Reduces The Probability Of An Outright Waiver By Govt
Do Not Rule Out An Equity Conversion Or Deferral (As Was Done Before)
Need To Be See Whether These Measures Will Be NPV Positive For Equity Holders Of Voda Idea

CLSA On Telecom
For Voda Idea, Factor AGR Risk At `7/Sh (40% Of Stock Fair Value) & Retain Underperform
For Bharti Airtel, AGR Risk Is Lower At `62/Sh (3% Of Fair Value) & Retain Outperform
In Past, Voda Idea Had Self-Assessed AGR Dues At `21,500 Cr Vs DoT Est Of `58,300 Cr
In Q1, Voda Idea Debt Included `70,300 Cr For AGR, Besides `1.39 Lk Cr Cr For Spectrum
AGR Relief Is Crucial For Voda Idea & We Await Industry's Next Steps
In Absence Of AGR Relief, Voda Idea Could Face Financial Crisis In H2FY26/FY27CL
H2FY26/FY27CL In When Annual Spectrum & AGR Payments To Govt Of $4-5 Bn/annum Become Due

Macquarie On Telecom
Order Of Preference Is Bharti Hexacom, Give Outperform Call
Outperform Call On Bharti Airtel, Neutral On Reliance Ind,
Underperform Call On Indus Towers & Vodafone Idea
With SC Rejects Curative Petition On AGR, Voda Idea FCF Math Challenged
Without AGR Relief, It Would Take At Least 25-30 Years For Voda Idea To Organically Pay Back Dues
Further Repayment Timeline Extensions Are Required For Dues To Be Paid
In Base Case, Continue To See Market-Share Erosion And Meaningful Equity Dilution Risk
For Indus Towers, Where VI Is A Tenant, Core Earnings Could Have Already Peaked

Morgan Stanley On Telcom
Lack Of Potential AGR Relief Is Negative
Existing Strong Players Could See Their Competitive Position Improve Further
Think Bharti Airtel Is In A Sweet Spot (Continued Market Share Gains)
Market Expectations Of Potential Relief Coming Through Will Now Be Dismissed

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