Brokerage Radar: UBS upgrades Indraprastha Gas, Citi has 'Sell' call on Coforge

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes IndusInd Bank, Coforge, power sector and more.

UBS On Indraprastha Gas 
Upgrade To Buy From Sell, Target Raised To `700/Sh From `400/Sh
Inorganic Growth Prospects Complement Strong Near-term Fundamentals
Expect Volume Growth Trajectory To Improve
Expect Volume To Improve From About 4% YoY In FY24 To 8.2% CAGR In FY24- 27
Infrastructure Expansion And New Geographies Set To Drive Volumes
Potential M&A Opportunities Not Priced In

UBS On Maharashtra Gas
Buy Call, Target Raised To `2,400/Sh From `1,600/Sh
Volume Trajectory (Organic/Inorganic) Could Continue To Surprise Positively
Infrastructure Development And CNG Fleet Expansion To Drive Volumes
Raise FY25-27 Total Volumes Expectations 7-11%
Increase FY25- 27 EBITDA/scm Est 6-11%, Factoring In MGL's Pricing Actions
Potential M&A Opportunities Are Not Priced In

HSBC On Power Sector
Power Demand Declined Sharply In Aug-Sep’24 From A High Base
Shortages Disappeared As IEX Prices Also Dipped
Storage-based Tenders Remain At Forefront
Low Tariffs Solidifying Renewables As An Imminent Replacement For Thermal
RE Capacity Maintained A Healthy Pace, Adding 9 GW In 5 Months (Up 42% YoY)
RE Generation Share At An All-time High Of 16%

Citi On Coforge
Sell Call, Target `5,885/Sh
Mgmt Reiterated That Demand Seems To Have Bottomed Out
Mgmt Reiterated Their Guidance, H1FY25 Margin Will Likely See 50 bps Improvement Vs H1FY24
Valuations Are At 35x FY26 Consensus EPS

Citi On IndusInd Bank
Buy Call, Target `2,010/Sh
Vehicle Finance Disbursements To See Some Revival Post The Election Phase
Loan Growth, Despite Gaining Traction Of >3% QoQ, May Lag Guidance In Near-term
Upward Repricing Of Deposit Cost To Have Downward Bias On NIM
Co Favourably Positioned When Interest Rate Cycle Turns
VF Stress To Moderate, Corporate Slippages To Be Contained

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