Brokerage Radar: Citi upgrades RIL to 'Buy'; HSBC has a 'Reduce' call on Escorts Kubota

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes RIL, NTPC, SBI Card and more.

Citi On Reliance Industries
Upgrade To Buy, Target Raised To `1,530/Sh
After A Period Of Underperformance, Believe Risk/Reward Has Turned Favourable
Expect An Improvement In Refining Margin Given China’s Reduced Export Competitiveness
Jio Remains Well Positioned To Benefit From Future Tariff Hikes
Jio Remains Well Positioned To Benefit From Any Moves To Improve Data Pricing & Monetise 5G
Retail Softness May Continue For Another Couple Of Quarters
Retail Softness May Lead To 1% Average Consolidated EBITDA Cuts Over FY25-27

Bernstein On NTPC
Outperform Call, Target At `440/Sh
Core Thesis Driven By Accelerating Power Demand, Evening Shortages & Cost Of Debt Advantage
There Might Not Be Many Levers For Upside Beyond This But Also Don’t See Reason For Downside
Stock Still Trades At 16x FY25 Earnings & 10x EV/EBITDA- In Line With Global Peers

Morgan Stanley On SBI Card
Equal-Weight Call, Target At `650/Sh
October Spending Market Share Was Largely Stable MoM, At 15.8%
October Spending Data Reflects Continued Impact Of RBI's Notification On Corp Card Spending

Morgan Stanley On Oberoi Realty
Equal-Weight Call, Target At `2,060/Sh
Management Is Seeing Strong Demand Momentum On Favorable Macro And Upgrade Demand
ASP Escalation Should Add To Pre-sales Growth
Projects Have Seen 30-40% ASP Growth Over 3-4 Years
Luxury Remains The Target Segment, Helping Strong Margin

Morgan Stanley On DLF
Equal-Weight Call, Target At `910/Sh
Pre-sales Expected To Grow At 10-12% CAGR In An Upcycle
EBITDA Margin Expansion To 36-38%
RoE Is Currently 7.5% & Should Be Double Digit In 3-4 Yrs Without Any Change In Biz Strategy

HSBC On Tractor Ind
Buy Call On M&M, Target At `3,390/Sh
Reduce Call On Escorts, Target At `3,180/Sh
Strong Tractor Vol Growth Likely Over FY25-27 Via Strong Reservoir Level & La Niña Settling In
Regional Reservoir Level Trends More Aligned With M&M’s Strong State Holds, Positive For Co

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