Brokerage Radar: HSBC retains 'buy' on Bharti Airtel, Jefferies cuts target prices on Bajaj Auto, Hero MotoCorp

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Reliance Industries, Bharti Airtel, Kalyan Jewellers and more.

Bernstein On Reliance Ind

Outperform Call, Target At Rs 1,520/Sh

Believe 2025 Will See A Recovery Cycle For Co

Jio ARPU Increase Of 12%, Without Tariff Hikes & Subscribers Of 4-5%

Retail To Revert To Double-digit EBITDA Growth

Increase In GRM Margin (After A Decline From $9/bbl In FY24)

Expect Earnings Growth To Be Led By Telecom & Retail, While Refining Margin See Rebound

Valuations Are At 3-year Low, Making Risk Reward Attractive

Jefferies On Reliance Ind

Buy Call, Target At Rs 1,690/Sh

Co Underperformed Nifty By 15% In CY24 On Concerns Over Medium-term Growth Outlook Of Retail

Co Underperformed Nifty By 15% In CY24 Due To Lower Earnings Growth In FY25

See Restoration Of Mid-teens Growth In Retail

See Likely Listing Of Jio & Improvement In O2C Profitability In FY26

Project 14% EBITDA Growth In FY26 With All Segments Contributing

Valuation Is Cheapest Since COVID Shock Of Mar’20

HSBC On Bharti Airtel

Buy Call, Target At Rs 1,940/Sh

Expect Dividend To Rise By 114% YoY To Rs 17/Sh In FY25 As FCF Outlook Improves

Cash Flow Needs At Promoter Entity Rise

Estimate Dividend/Sh To Quadruple In 3 Years To Rs 34 In FY27

Dividend/Sh Estimates Are 28-45% Ahead Of Consensus For FY25-27

Growth Levers Are Intact: Rising Mobile ARPU, Expanding Home Broadband Subs & Rising FCF

Citi On Kalyan Jewellers

Buy Call, Target At Rs 810/Sh

Q3 Update Shows Continues Outperformance On Growth

Management Expects To Add 30 ‘Kalyan’ & 15 ‘Candere’ Stores In India In 4QFY25

90 ‘Kalyan’ & 80 ‘Candere’ Stores Are Expected In India In FY26

Jefferies On Oil & Gas

Reliance Ind Should See Restoration Of Mid-teens Growth In Retail In FY26

Project 14% EBITDA Growth In FY26 With Valuation Cheapest Since COVID

ONGC Is Attractive With Production Growth & Pricing Reform

Production Growth & Pricing Reform For ONGC Led Improved Profitability In FY26 & Trading Cheap

GAIL's Healthy Vol Growth & Likely Re-rating From Potential Tariff Hike Keeps It In Preferred List

Prefer BPCL Amongst OMCs, Maintain Underperform Call On CGDs

Jefferies On Autos

Over FY25-27, Expect 2-wheeler & Tractor Volumes To Grow At 13-15% CAGR

Over FY25-27, Expect 2-wheeler & Tractor Volumes Outpacing 5-8% For PVs & Trucks

M&M Is Gaining Share Across Tractors, PVs & LCVs

TVS Motor Has Gained In Both Domestic And Export 2-wheelers In Recent Years

M&M, Eicher Motors And TVS Motor Are Preferred Buys

Buy Call On Bajaj Auto, Target Cut To Rs 10,350/Sh From Rs 13,400/Sh

Buy Call On Hero Moto, Target Cut To Rs 4,900/Sh From Rs 5,500/Sh

Buy Call On Eicher Motors, Target Raised To Rs 6,600/Sh From Rs 5,500/Sh

Buy Call On M&M, Target Raised To Rs 4,075/Sh From Rs 3,700/Sh

Nuvama On DOMS

Buy Call, Target At Rs 3,210/Sh

Demand Is Recovering & Co’s Capacities Remain Optimally Utilised

Confident Of Core Business Revenue Growth Of 20% YoY In FY25

Consolidated Revenue To Grow 23–25% In FY25

Uniclan Revenues To Jump Post Addition Of A Third Line; EBITDA Margin To Stay Within 5–7%

New Pencil Capacities To Come On Stream Partially In Q4FY25 & Fully In Q1FY26

EBITDA Margin Likely To Be 17–17.5% In FY25

Given Low-Margin Guidance, Cutting FY25/26/27 EPS By 3%/6%/7%

Nuvama On Dr Reddy’s

Upgrade To Buy Call, Target At `1,553/Sh

Revlimid Patent Expiry In 2026 Poses A Significant Threat To Earnings Growth

Revlimid Drug Contributed 40% To Co’s FY24 EBITDA

Observe Management Has Mapped Out Strategies To Mitigate Impact Of Revlimid Loss

Key Asset Launches Of Drugs In Canada & US Are Expected To Largely Offset Revenue Loss

Reckon Proactive Measures Shall Mitigate About 80% Of The Expected EBITDA Impact

Macquarie On Zydus Life

Outperform Call, Target At Rs 1,365/Sh

Specialty Portfolio Progress Bodes Well

Co’s New Drug Application For CUTX-101 For Menke's Disease Has Been Accepted By US FDA

Co Has Entered Into An Agreement With CVS Health To Include Its Branded 505(B)2 Products

Believe Co Has A Good US Generic Pipeline Supplemented By A Strong Speciality Pipeline

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