Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Zomato, Dixon Technologies, L&T Finance, MCX , Paytm and Can Fin Homes among others.
Zomato
Nomura On Zomato
Buy Call, Target At Rs 290/Sh
Competition Heats Up In Quick Commerce But Well Positioned To Be Among Top 2 Players
Food Delivery Business Slows But Surprises On Profitability Improvement
Strong Execution And Balance Sheet Are Key Positives In Favour Of Blinkit
Jefferies On Zomato
Hold Call, Target Cut To Rs 255/Sh From Rs 275/Sh
Mixed Q3 With, As Expected, Modest Growth In Food Delivery But Much Better Margin
Quick Comm Reported Strong Growth But Slipped Into Losses Due To Invst & High Competition
Mgmt Aims To Double Store Count To 2,000 By Dec’25, One Year Earlier Than Past Guidance
Blinkit Has A Strong Execution Track Record
Aggressive Expansion May Force Competition To Follow Suit
Bernstein On Zomato
Outperform Call, Target At Rs 310/Sh
Zomato Doubled Down On Quick Commerce Guiding Growth
Management Laid Out An Aggressive Dark Store Plan
Land Grab Has Led To Trade Off Between Growth & Margin
Quick Commerce Saw Margin Pressures
Food Delivery Beat Estimates With Margin To Stabilize At 5% Adjusted EBITDA
Remain Positive & See Any Correction In Response To Competition Concerns
MS On MCX
Underweight Call, Target At Rs 3,715/Sh
Q3 Core EBITDA In-line, Miss On Profit
There Has Been Stagnation/Moderation In Average Daily Revenue (ADR) In Recent Months
Stagnation In Average Daily Rev May Lead To Downgrades To Both Consensus Revenue & Earnings
Find Current Valuation Stretched Given Low Conviction On Sustainability Of Revenues
MS On L&T Fin
Underweight Call, Target At Rs 112/Sh
Q3 Profit Came In Above Estimates
Retail Slippages Improved QoQ But Were Elevated
Co Guides For Further `300-350 Cr Provision Utilisation In Q4FY25
MFI Business Collections Stayed Tepid In Q3 – December Improved But Stayed Elevated
Q3 Retail AUM Growth Moderated To 23% YoY; Expect 20% YoY In FY25
Jefferies On Dixon Tech
Underperform Call, Target At Rs 12,600/Sh
Q3 Was A Beat To Estimates
Share Of Mobile & EMS Segment Notably Rose To 89% Of Sales Mix Now Vs 67% In Q3FY24
Segmental Sales Grew By 3x YoY, With New Customer Adds, Order Ramp-Ups, With OPM At 3.5%
Consumer Electronics Sales Were Down 32% YoY
Risk-Reward Seems Stretched At 107x FY26 PE
Citi On Paytm
Buy Call, Target At Rs 900/Sh
Co Reported A Solid Beat Vs Expectations On Q3 Adjusted EBITDA
Beat Q3 Was Primarily Driven By Lower Corporate Overheads
Net Payment Margin Was Slightly Below Estimates
Paytm’s Merchant Biz (Devices, DLG-Loans) Continues To See Robust Stickiness & Sustained Growth
Co Looks Securely On Course To Achieve Adjusted EBITDA Break-Even Excluding UPI Incentives In Q4
MS On Oberoi Realty
Equal-Weight Call, Target At Rs 2,060/Sh
Strong Growth, But Misses Expectation In Q3
Pre-Sales For Q3 Shows Strong Momentum, Yet 24% Less Than Expectations
Q3 Collection Was Also Strong But Operating Cash Flow Was Weak Amidst High Capex
MS On Can Fin Homes
Overweight Call, Target Cut To Rs 885/Sh From Rs 1,030/Sh
Persistent Loan Growth Pressures Drives Cut In Long-term Loan Growth & ROE Assumptions
RoE Of >15% Is Still Attractive For A Relatively Defensive Business & So Is Valuation
Still See Upside Though It Is Likely To Be Delayed
Jefferies On Can Fin Homes
Buy Call, Target At Rs 915/Sh
Q3 Profit Was 3% Below Estimates Due To Tad Higher Provision
Normalisation Can Take Time
See Muted Loan Growth Near Term, But Expect Improvement In FY26
NIM Should Be Steady
Gross NPA Should Ease In Q4
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