Brokerage Radar: Jefferies trims PI Industries target; Goldman Sachs bullish on Aurobindo Pharma

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes TCS, PI Industries, Aurobindo Pharma and more.

Jefferies On PI Industries
Buy Call, Target Cut To `4,865/Sh From `5,100/Sh
Factored In Lower Kumiai Agchem Rev Growth Guidance While Guiding For Lower Growth In Q2
Co Sees No Impact On Margin With Raw Material Prices Softening
New Products Should Drive Growth In FY26
Cut FY26/27 Revenues 3%/5% Leading To 4%/5% Cut To FY26/27 EPS
Project 10% EPS CAGR Over FY24-27

Jefferies On Max Financial Services
Buy Call, Target At `1,660/Sh
Partnership Between Max Life & Axis Bk Has Led To Co Name & Brand Change To Axis Max Life Ins
The Refresh Identity Could Enhance Brand-Recall, Especially In Tier II/III Mkts Where Bk's Brand Is Strong
Norms On Banca Will Be Watched; Axis Drives 45% Of APE
Valuations At 8x P/VNB Is Attractive

HSBC On Financials
2024 Was A Year Of Liquidity Constraints
Expect Easier Liquidity Conditions In 2025, Which Should Aid Deposit Growth
A Breather From Further Regulatory Tightening, Recession Of Asset Quality Headwinds Are Needed
Preferred Stocks For 2025: Axis Bank, HDFC Bank, ICICI Bank Among Banks
Bajaj Finance, Shriram Housing Finance Are Preferred Among NBFCs

Morgan Stanley On Energy
India's Fuel Prices Are Benchmarked To $73/bbl Brent
Integrated Margin For OMCs Was Largely Stable Despite Depreciating ` As Brent Remained Weaker
Rising Crude Discounts And Strong Domestic Demand Should Continue To Support Margin
Prefer HPCL, BPCL

Goldman Sachs On Aurobindo Pharma
Buy Call, Target At `1,525/Sh
CHMP Recommendation For Zefylti - Positive Development
Significant Investments Aimed At New Lever For Growth
Co Remains A Preferred Pick

Nomura On Cement
Prefer UltraTech, Shree Cement, Ambuja & Ramco (All Buy)
Neutral On Nuvoco & ACC
Reduce On Dalmia Bharat
Q3FY25 Average Spreads Improve Marginally On Lower Fuel Cost
60-day And 90-day Lagged Spreads Suggest Up To `70/t Expansion
Cement Spreads Suggest Slight Improvement Amid Flattish Cement Prices
Bullish On Long-term Tailwinds Despite Recent Moderation

JPMorgan On Godrej Consumer
Overweight Call, Target At `1,365/Sh
CFO Says 85-90% Of The Volume Deceleration Was Due To Cyclical Factors
Volume Weakness Not Suggestive Of Structural Demand Challenges
Co Expects Soaps Volume Growth To Return To Normative Levels Over The Next Two Quarters
H1 Is Expected To See A Quicker Recovery If Seasonality Stays Normal In Q4 By The Co
Post Sharp Selloff Find Risk Reward Is More Reasonable & Expect Co To Outperform Peers Hereon

JPMorgan On Persistent
Overweight Call, Target At `6,100/Sh
Growth Outperformance Led By Client Mining, Winning In Vendor Consolidation, GenAI Pivot
Bfsi And Healthcare To Continue To Drive Growth With A Gradual Pick Up In Hitech
Clients Sound More Optimistic With US Elections & Fed Rate Cuts Behind
Priority Is On Growth Over Margin As The Latter Can Be Recouped Over A Period Of Time
GenAI Can Drive Nearly 25% Productivity Benefits & Won’t Be Deflationary

Citi On TCS
Sell Call, Target At `3,935/Sh
BSNL Project Is Expected To Be Stable To Slight Decline In Q3 & Start Tapering Off Post That
Smaller Discretionary Deals Are Emerging But Face RoI Scrutiny
Mega Deals Are Being Divided Into Smaller Contracts
UK & Europe Has Softer Demand Compared To North America
Co Aims To Achieve An Aspirational Margin Band Of 26-28%
Reduced Subcontracting Costs Is A Result Of Strategic Decisions Rather Than Market Conditions

Citi On Tech Mahindra
Sell Call, Target At `1,475/Sh
Co Is Doubling Down On Key Verticals – Telecom, Mfg (Particularly Automotive & Industrial)
Co Is Doubling Down On Key Verticals – BFSI, Healthcare & Life Sciences
Focus Is More On Building Capabilities In Cloud, AI & Automation, Enterprise Applications
Key Margin Levers Are – Pyramid Improvement, Pricing Optimization
Key Margin Levers Include Reducing Subcontracting Costs, Improving Utilisation Rates

Citi On LTIMindtree
Sell Call, Target At `5,710/Sh
BFSI Vertical Has Seen Uptick In Demand & Continues To Hold
Retail, Consumer Goods, Healthcare, And Manufacturing Are Seeing Pick Up In Deals
Tech Vertical Is A Mixed Bag, With Some Accounts Performing Well While Others Tighten Budgets
Margin Improvement Targets Are Being Deferred To Prioritise Other Strategic Initiatives
Margin Levers – SGA Optimisation, Pyramid Correction, Operational Cost
Co Has Done Enough Work To Be Comfortable That They Will Meet Targets

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.