Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 2,070
CLSA raised its earnings estimates b 1-3 percent, but said that it was disappointed by weak growth in fees. Further, it said that the management sees risk in the power sector. Going forward, it sees profit CAGR in FY17-20.
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 1,920
The global financial services firm said that the bank had a no negative quarter and had an all-round performance. It also raised earnings estimates by 1.6/2.4 percent.
Brokerage: Morgan Stanley | Rating: Overweight | Target: Raised to Rs 2,000
The research firm said that it continues to like the stock, given the stable asset quality. It also raised earnings forecasts on strong revenue growth.
Brokerage: Credit Suisse | Rating: Neutral | Target: Rs 1,653
Credit Suisse observed that CET-1 improvement should enable the bank to maintain loan growth momentum.
Brokerage: BofAML | Rating: Buy | Target: Rs 2,300
The global research firm said that the bank defied market concerns on asset quality and delivered on growth. Further, it said that there was a strong management guidance over the next two to three years and is going to be a key beneficiary of likely uptick in loan growth.
Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 1,840
The firm said that HDFC’s core trends remained steady, but asset quality dipped slightly.
Brokerage: Macquarie | Rating: Upgrade to Outperform | Target: Raised to Rs 1,890
The target has been raised on the back of better subsidiary valuations.
Brokerage: BofAML | Rating: Buy | Target: Raised to Rs 1,925
BofAML observed that the mortgage growth story continued, while the asset quality was manageable. Further, it said that earnings could take a leg-up on growth, macro variables.
Brokerage: Citi | Rating: Buy | Target: Rs 140
The brokerage house said the bank’s growth and RoA expansion trajectory looks intact. Further, it sees the bank making gains on growth momentum and portfolio quality.
Brokerage: Morgan Stanley | Rating: Equal-weight | Target: Rs 95
Morgan Stanley sees return on equity staying below CoE over the next few years.
Brokerage: Morgan Stanley | Rating: Overweight | Target: Raised to Rs 950
The research firm said that the risk reward is good with valuation at mean levels. Further, the company is well positioned to return to strong growth, it added.
Brokerage: Nomura | Rating: Buy | Target: Rs 7,600
Nomura said that 6.9% revenue growth indicates that core business remains under pressure. Further, it sees revenue growth to pick up as consumption improves, while margins will remain under pressure as input prices remain high.
Brokerage: Goldman Sachs | Rating: Sell | Rating: Cut to Rs 4,608
The global investment bank observed that the first quarter earnings was below expectations on sales and gross margins. It does not expect margin to reach 22% over the next few years.
Brokerage: CLSA | Rating: Upgrade to Underperform | Target: Increased to Rs 6,800
CLSA said that the company had strong revenue growth, but at the expense of margins. If margin pressure is due to growth focus, this would be viewed as a positive for the company. Further, it said that it is not building in significant revenue upside for now.
Brokerage: CLSA | Rating: Buy | Target: Rs 282
CLSA said that the portfolio shift towards office income should double the lease income over the next five years. The company, the brokerage added, will complete 20 msf of ongoing residential development projects over 3-4 years. The recent steps for reorganization should lead to value discovery, it added. The stock has multiple triggers to gain 50 percent over the next two years.
Multiplex chains
Brokerage: CLSA
CLSA observed that box office collections for PVR & Inox Leisure were in-line with estimates. A decline in comparable properties footfalls were offset by average ticket price hike, it added. Inox and PVR registered robust growth in ad revenues.
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