Brokerage Radar: Investec ups Angel One's target price, analysts trim Dabur's price aim

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Cipla, Marico, Dabur and more.

Steel

Morgan Stanley On Steel
Upgrade JSPL To Overweight From Equal-Weight, Target Raised To `1,200/Sh From `970/Sh
Upgrade JSW Steel To Overweight From Equal-Weight, Target Raised To `1,150/Sh From `895/Sh
Upgrade Tata Steel Equal-Weight From Underweight, Target Raised To `175/Sh From `135/Sh
Maintain Underweight Call On SAIL, Target Raised To `125/Sh From `105/Sh
Domestic Inventory Digestion Has Been Muted
China's Recent Stimulus Should Drive Positive Sentiment And Support Steel Prices
Lower Risks Of Imports Should Also Support Spreads In The Near-term
Lift Estimates & Expect Stocks To Do Well Over Next Few Months

Nomura On Steel
Initiate Buy Call On JSW Steel , Target At `1,220/Sh
Initiate Buy Call On JSPL, Target At `1,200/Sh
Strong Domestic Demand, Continued Deleveraging To Support Indian Steel Majors
Domestic HRC Prices To Remain Rangebound In H2FY25; Expect Marginal Recovery In FY26
Cost Drivers To Partially Offset Moderation In Realisation
China Hot Rolled Coil (HRC) Margin Trading At Trough Levels; Expect Recovery Soon
Weakened Domestic Demand, Monetary Tightening & Expansion Delays Are Downside Risks

Dabur India

Citi On Dabur
Sell Call, Target Cut To `570/Sh
Q2 Trading Update Points To A Weaker-than-expected Performance
Consolidated Revenue Declined Due To Weak Out-of-home Consumption
Cut FY25-27 Earnings Estimates By 3-6%

Macquarie On Dabur
Neutral Call, Target Cut To `560/Sh
Cut FY26/27 EPS 5% Each Given Slower Than Expected Demand
FY25 EPS Cut Higher At 8% Given A Hit From Channel Inventory Rationalisation Done In Q2
Co Expects Sales Growth To Recover From Oct But Slower Demand Momentum Concerns Us

Nomura On Marico
Buy Call, Target At `780/Sh
Consolidated Revenue Growth & India Volume Growth Tad Better Than Expected
Believe Co Will Report Better-than-peers Sales Performance For Q2
Intl Biz Delivered Low-teen CC Sales Growth, Better Than Expectation Of 10% YoY Growth
Gross Margin To Be Under Pressure YoY, As Expected
Currently Co Trades At 47x/42x Mar-26/27 EPS

Investec On Angle One
Buy Call, Target Raised To `3,000/Sh
SEBI Announced Final F&O Regulations That Are Marginally Lenient Than Original Draft
Lower Impact On F&O Volumes To -25% From -30% As Regulations Are Less Severe Than Feared
Increase FY26 EPS To `149 & Target Multiple To 20x

HSBC On ITC
Buy Call, Target Raised To `580/Sh
Factors That Shape Our Investment Thesis Favourably Align, Enhancing Risk/Reward Appeal
Widened Discount To FMCG Peers Contribute To Attractiveness Of ITC In Volatile Backdrop
Stable Tax Regime For Cigarettes, Contribute To Attractiveness Of ITC In Volatile Backdrop
Downside Risks Include Share Price Sensitivity To Excessive Tax Shocks
Worse-Than-Expected Cigarette Volume Growth Is One Of The Downside Risks

Jefferies On Cement
Cement Price Saw A Much Needed Uptick In September
For Q2, Price May Dip Nearly 2-2.5% QoQ, -6.5% YoY
YTD Px Is Lower Nearly 5% YoY, Still Trailing Our Annual Est Of 3% YoY Decline For FY25
Volume Growth Remains Weak Due To Adverse Monsoons
Variable Cost Remains A Tailwind, With Petcoke Price Falling To 4-Yr Low

UBS On Sun Pharma
Buy Call, Target At `2,450/Sh
Specialty Pipeline Is Strong In Dermatology & Recent Additions Are Strengthening
Both Nidlegy Drug In EU And Fibromun Together Can Add $200-300 m Revenues
Co’s Share On Profitability Would Be 50% For Nidlegy And 55% For Fibromun
Enterprise Value Of Philogen Indicates Market Perception Of Potential Of These Molecules

JPMorgan On Cipla
Overweight Call, Target At `1,630/Sh
Management Targetting 9-10% Growth In Domestic Market
U.S. Pipeline Focused On Respiratory Products, Peptides And Complex Generics
Mgmt Expects Lanreotide Product Facing Supply Issues To Impact Ramp-up In Near-term
China Likely To Be A Key Market, But At A Nascent Stage Currently

Jefferies On Syngene
Underperform Call, Target `640/Sh
Several Contract Research Organisations Pointing To A Slowing Biotech Market
Headwinds Include Prolonged Biotech Funding Weakness, Lengthening Of Biotech RFP
60% Of Revenue Is Coming From Research Services & 15% Of It From Biotech Firms
H2FY25 Recovery Could Be Delayed
Trends Suggest Significant Downside Risk To Syngene's Earnings

CLSA On Crompton Cons
Outperform Call, Target Raised To `500/Sh From `370/Sh
Soft Near-term Demand Has Led To Weakness In The Stock
Believe Its Transformation Is In Right Direction, With Focus On Premiumisation
Transformation Is In Right Direction, With Focus On Differentiated Go-to-market Strategy
Butterfly Gandhimathi Turnaround Is On Track With Change In Channel Mix & Uptick In Margin

Jefferies On SEBI Circular
SEBI's Circular Is Broadly In-line With Discussion Paper & Impacts 35% Of Ind Premiums
Phased Implementation Over Next 3-6 Months Should Drive Calibrated Tightening Of Mkt
Key Deviations (Vs Earlier Proposal) Are A Lower Hike To Expiry Day Margins Of 2%
Focus Now Moves To Participant Behavior Post Implementation
Discount Brokers Can Be Most Impacted, Followed By Exchanges (BSE)

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