Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 588
The global research firm expects slowdown in UK sales to wear off and the company can start registering growth again. The global retail sales data suggest that its sales momentum will improve on Discovery ramp up and Velar launch. The fall in UK sales was mainly due to changes in UK’s vehicle excise duty, it added.
Brokerage: Kotak | Rating: Buy | Target: Rs 560
The brokerage cited that the month was weak, while May sales were largely on expected lines. Its volume was impacted by rundown of old discovery model and weakness in UK market. It expects volume growth to improve over, led by Discovery ramp-up and Velar launch.
Brokerage: Goldman Sachs | Rating: Neutral | Target: Rs 450
The financial services firm incorporated FY20 estimates into its database and updated for forex. Faster-than-expected respiratory approvals, better execution in the US remain the key risks.
Brokerage: Goldman Sachs | Rating: Neutral | Target: Rs 1,300
Goldman Sachs made minor changes to estimates to reflect revised assumptions on launch timing of some drugs. Product launch rate and complex generic approvals remain key upside risks to the stock, while price erosion and Gavis execution were the key downside risks.
Brokerage: Goldman Sachs | Rating: Buy | Target: Rs 1,892
The global research firm sees the bank increased market capitalisation to USD 100 billion by FY20. The doubling of profit and shift of market share along with retail under penetration will drive growth, it feels. It expects the bank to deliver a healthy 21 percent FY17-20 earnings per share CAGR with a higher visibility. A bull case analysis suggests that EPS growth may rise to 500 bps over FY17-21.
Brokerage: Goldman Sachs | Rating: Sell | Target: Rs 798
Goldman Sachs believes that the pricing pressure is far from over and that the financial services growth remained elusive. It forecast FY18 revenue growth guidance of 7.7 percent, EBIT margin guidance of 24.5 percent.
Brokerage: CLSA | Rating: Buy | Target: Rs 300
The research firm cites that it will be a big beneficiary of improving pricing and demand-supply outlook in the steel industry for the coming years. It stated that the anti-dumping duties on HRC and CRC steel getting extended until August 2021 is a signal of continuation of import protection for the industry.
“This greatly improves visibility on JSW’s margins over FY18-20. In fact, we see a high likelihood that JSW’s margins will expand over FY20-21 when we expect Indian steel demand-supply to tighten significantly,” the brokerage said in its report.
Brokerage: CLSA | Rating: Buy | Target: Rs 710
CLSA believes that the outlook for Tata’s India business is strong. It expects healthy volume growth from Odisha plant. Europe outlook has brightened with sale of loss-making units, it said. CLSA has forecast 17 percent EPS CAGR in FY17-20.
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