Brokerage calls: Buy TCS, M&M, ICICI Bank, Ranbaxy

TCS
Brokerage: Goldman Sachs
Rating: BUY
Target: Rs 2300
Rationale: The brokerage sees sector leading dollar revenue compounded annual growth rate of 18% and a dominant position for the company in financial services. A likely pick up in financial services will also help the company's returns.

ICICI Bank
Brokerage: CLSA
Rating: BUY
Target: Rs 1230
Rationale: The brokerage expects the bank’s CAGR at 16 percent profit and return on assets likely at 1.7%. Boosting CASA deposit growth will be a key challenge but the bank expects re-rating and maintains high conviction.

Mahindra & Mahindra
Brokerage: JP Morgan
Rating: OVERWEIGHT
Target: Rs 1000
Rationale: The company’s positive surprise in high margin tractor sales and diversified portfolio in uncertain environment makes the brokerage bullish on the company. It believes the growth remains strong in tractor segment and outlook for utility vehicles has weakened.

Ranbaxy
Brokerage: Macquarie
Rating: OUTPERFORM
Target: Rs 550
Rationale: The pharma company’s Absorica market share reaches 17.5% and Isotretinoin market, worth USD 750 has grown in mid-teens. The brokerage will use current weakness in stock to buy.