Brokerage Radar: SBI Life sees target upgrades, Jefferies trims Adani Ports outlook

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Wipro, Tech Mahindra, Kotak Mahindra Bank and more.

Nomura On Havells Upgrade To Buy From Neutral, Target At `1,943/Sh

Growth Momentum To Continue

Demand Tailwinds In Place, Valuation Is Attractive

Cable, Wire & White Goods Have Structural long-term Growth Drivers

Can Sustain 25%+ EPS CAGR Beyond FY27

Jefferies On Adani Green Maintain Buy, Cut Target To `1,300 From `2,000/Sh

Capacity Addition In 9MFY25 Lower Than Our Estimate

Cut FY25-27 Capacity Estimates By 4-6 GW & EBITDA By 4-23%

Long-term Growth Story Remain Intact

Trading At A Premium To JSW Energy

Jefferies On Adani Ports Maintain Buy, Cut Target To `1,440 From `1,855/Sh

Q3 Volume Growth Of 3% & 9MFY25 Of 7% YoY Lower Than Our FY25 Est Of 12%

Weak industry Growth Partially Offset By Mkt Share Gains

Expect Market Share To 30%+ By FY27 From Current Lvl Of 27%

Reduce FY25-27 Volume Estimates By 3%

Jefferies On Adani Ent Maintain Buy, Target At `3,800/Sh

Asset monetization To Improve Cashflows

Looks To Raise $2 Bn From The Sale Of Food/FMCG Biz

Close To Commissioning Navi Mumbai Intl Airport

Initiating Capex On Doubling Cell + Module Capacity

SBI Life

Bernstein On SBI Life Maintain Outperform, Target At `2,270/Sh

Better Growth, No Regulatory Conversation On Bank-channel Sales

Guided For FY25 Growth In-line With 9MFY25

Medium-term Topline Growth Of 15%+ With VNB Margin Of 26-29%

Nomura On SBI Life Maintain Buy, Target Cut To `1,800 From `1,835/Sh

Maintain Leadership Position Amongst Pvt Players With Mkt Share Of 17%

See APE/VNB Of 14%/10% CAGR Over FY24-27

Macquarie On SBI Life Neutral Call, Target At `1,435/Sh

VNB Growth Better Than Expected

Decline In Group APE Will Lead To Decline In Overall APE

Expect Weak VNB CAGR Vas Earlier Cycle

Citi On SBI Life Buy Call, Target Raised To `2,100 From `2,040/Sh

Margin Strong, Agency Scale-up A Key Positive

Attractive Entry Point, Trades At Benign Levels

Co Focussed On Improving Margin Profile

HSBC On SBI Life

Maintain Buy, Target Raised To `1,800 From `1,720/Sh

APE Growth Could Improve In Coming Quarters

Strong Case For Compounding As Valuation Appears Supportive

Valuation Can Re-rate On Growth Trajectory

GS On SBI Life Maintain Buy, Target Raised To `1,800 From `1,770/Sh

Raise FY25-27 VNB Estimates By Up To 1%

SBI Channel Has Shown An Improvement In Growth

Maintained FY25 Guidance Of 15% Growth On Retail APE

MS On SBI Life

Overweight Call, Target At `1,910/Sh

VNB Margin Beat After Strong APE Growth In Q3 Should Lower Investor Pessimism

Regulatory Clarity Around Bancassurance Still Awaited

Retain Estimates Until There Is Further Clarity

See A Good Margin Of Safety In Estimates And Valuation

Tech Mahindra

Nomura On Tech Mahindra Maintain Buy, Target At `1,900/Sh

Steady progress Towards Medium-term Goals

Expect $ Revenue Growth Of 0.4-9.2% & Margin Of 9.3-13.2% Over FY25-27

Other Cases Of Turnaround Also Took A 3-year Period

Deal Pipeline Remains Strong, Biz Repair Underway

MS On Tech MahindraEqual-weight Call, Target Raised To `1,750 From `1,725/Sh

Stabilisation Of Revenue With Worst Likely Behind In Key Verticals

Steady Improvement In New Deal Wins

Likelihood Of Stable Margin In Q4 Despite Wage Hike

Upside Risks To Margin Appear Low Currently

Stock Is Fairly Valued At Current Levels

Citi On Tech Mahindra Sell Call, Target Cut To `1,440 From `1,475/Sh

EBIT Came 4% Below Our Expectations

Lower FY25-27 EPS Estimates By 3-4%

Expectations Are High Amid A Tough Sector Backdrop

Wipro

Citi On Wipro Maintain Sell Call But Remove Negative Catalyst Watch

Target Maintained At `280/Sh

Delivered In-line Revenue & Significant Margin Beat

Growth Is Likely To Trail Peers In FY26

Stock Could Get A Boost From Likely EPS Upgrades In Near Term

Nomura On Wipro Maintain Buy, Target At `340/Sh

Beat Across Parameters, Especially On Margin

Discretionary Demand Is Improving

Q4 Guidance Tad Softer Than Expectations

Raise FY25-27 eps Estimates By 2-5%

Macquarie On Wipro Outperform Call, Target At `330/Sh

Margin 106 bps Higher Than Our Expectations

An Easier Firm To Turn Around Than Tech Mahindra

MS On ICICI Lombard

Overweight Call, Target At `2,280/Sh

Q3 Profit Was Ahead Of Estimates & Above Consensus, Helped Also By Change In Accounting

Stock Could Do Well In The Near Term As A Defensive Within Financials

Weak Topline Growth Though Is A Limiting Factor To Material Upside

MS On Indian Hotels

Overweight Call, Target At `856/Sh

Q3 Was Strong, Largely In-line With Estimates

Management Is Not Seeing Any Slowdown In Its Business

Favorable Demand-Supply Dynamics Driving Margin & RoCE Tailwinds Keep Us Overweight

RBL Bank

Emkay On RBL Bank

Buy Call, Target Cut To `225/Sh From `250/Sh

Clean Up Act In Q3; To Continue In Q4

Trim FY25/26/27 Earnings By 33%/12%/7%, Building In Slower Growth/Higher LLP

Stress In The Card Portfolio Due To Breakup From Bajaj Finance

Valuations Remain Inexpensive At 0.5x Dec-26 ABV

Recommend Co For Investors Ready To Trade Near-term Pain For Long-Term Gain

Nirmal Bang On RBL Bank

Downgrade To Sell From Hold, Target At `144/Sh From `172/Sh

Estimate Lower Loan CAGR Of 11.8% Over FY24-27

Estimate Higher Credit Cost Of 2.9% Between FY24-FY27

Cut Profit Estimate By 39.6%/20.4%/11.7% Over FY25/FY26/FY27 Respectively

Stock Will Continue To See Pressure In The Near-Tomedium Term Due To Microfinance & Credit Cards

Additional Stress In The Unsecured Segment Will Keep Credit Costs Elevated

Kotak Mahindra Bank

DAM Capital On Kotak Mah Bank

Upgrade To Buy From Neutral, Target At `2,020/Sh

Q3 Saw Better Operating Internals, Business Growth Continuing To Be Robust

Lower Slippages This Quarter And Very Strong Opex Efficiency Despite RBI Embargo In Place

Tweak Opex Estimates Lower For FY25 Which Has Broadly Provided Delta To FY26/FY27 Results By 1-2%

Emkay On Kotak Mah Bank

Reduce Call, Target At `1,750/Sh From `1,700/Sh

Reported Better Growth & Asset Quality Performance Amidst Uncertain Environment

Co Continues To Ramp Up Specific PCR & Still Reported In-line Profit In Q3

Cut Earnings By 2-4%, Factoring In Some Growth Moderation And Elevated LLP

Jefferies On Kotak Mah Bank

Buy Call, Target Raised To `2,200/Sh From `2,120/Sh

All Round Beat; Triggers In Play

Easing Trends In Retail Unsecured Loans May Ease Concerns

Raise Estimates By 1-2%

Anand Rathi On Kotak Mah Bank

Upgrade To Buy From Hold, Target Raised To `2,010/Sh Vs `1,950/Sh

Stand Out Performance In A Tough Quarter

Healthy Loan Growth & Stable Asset Quality Led To 4.1% QoQ Core PpOP Growth

Faster Loan Growth & Greater Operating Efficiencies Would Drive A 2.2% RoA Over FY25-27

Management Believes That Personal Loan And Credit-Card Delinquencies Are Now Stable

Microcredit Delinquencies Have Not Yet Peaked

Squeaky-Clean Franchisee Will Keep Credit Cost Stable Over FY25-27 At 0.6% Of Advances

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