Brokerage - Deutsche Bank | Rating - Buy | Target - Rs 486
Deutsche Bank has assigned Buy call for the stock but lowered target price to Rs 486 (from Rs 506 per share earlier) despite strong set of Q3 earnings.
The research house raised its sales estimates for FY18/19 by 5/4 percent but marginally trimmed FY19 earnings by 4 percent to factor in higher expenses.
US & India businesses drove strong performance but slower-than-expected growth rate in IPM is a key downside risk, it said, adding the delay in product launches in US generics & higher US price erosion are key downside risks.
Brokerage - CLSA | Rating - Underperform | Target - Rs 440
CLSA has retained its Underperform rating on the stock with reduced target price at Rs 440 from Rs 480 per share earlier following cut in FY19-20 margin estimate by 100 bps & earnings by 5-7 percent.
The research house feels strong performance could be difficult to sustain and high base of FY18 in US may create growth challenges over FY19-20.
Brokerage - Credit Suisse | Rating - Neutral | Target - Rs 780
Credit Suisse has maintained its Neutral rating on the stock with increased target price at Rs 780 from Rs 730 per share as it said while Q3 was fairly strong, base will get tougher from Q4.
It prefers Motherson Sumi over Bharat Forge.
The company is a highly cyclical business and US business may hit a cyclical peak in FY19.
Brokerage - CLSA | Rating - Buy | Target - Rs 915
CLSA said growth outlook looked strong given sharp cyclical upturn in export segments and hence it raised FY18-20 EPS estimates by 1-4 percent post Q3 earnings.
Valuations At 30x FY19 PE are not cheap but should sustain, it feels. It has maintained Buy rating and increased target price to Rs 915 from Rs 905 per share.
Brokerage - Credit Suisse | Rating - Neutral | Target - Rs 1,300
Credit Suisse said ACC posted strong volumes but realisations were weak in Q4. Hence it stayed cautious on the stock as demand continued to be soft.
It has Neutral call on the stock with a target price at Rs 1,300 per share. Positive surprise in the quarter was a lower other expenses.
Brokerage - CLSA | Rating - Buy | Target - Rs 1,650
Torrent Pharma's Q3 results were lower than estimate at the EBITDA level and profit impacted by certain one-time tax charges.
India & Brazil performed strongly, and US sales appeared to have stabilised.
For FY19, focus will be on the turnaround of the Unichem portfolio, it said.
The research house increased its FY19-20 revenue target by 14 percent but cut FY19-20 EPS estimates by 4-5 percent.
It has maintained Buy rating on the stock with reduced target to Rs 1,650 from Rs 1,720 per share earlier.
Brokerage - CLSA | Rating - Buy | Target - Rs 1,200
CESC's core business in Q3 improved but vertical split delayed to Q1FY19 Key catalysts ahead are the scale-up of distribution business.
CLSA expects distribution companies to emerge as pure play asset. Poor liquidity post-demerger is a risk.
It has Buy call on the stock with a target price at Rs 1,200 per share.
Brokerage - CLSA | Rating - Sell | Target - Rs 89
CLSA has Sell call on the stock with increased target price at Rs 89 from Rs 80 per share earlier, but cut FY18/19 EPS estimates by 5-10 percent.
Order backlog struggled at 4 percent YoY growth and BHEL struggled to win orders as the market stagnates.
It sees limited upside for company given the hostile environment.
Brokerage - CLSA | Rating - Buy | Target - Rs 1,320
Volume growth momentum continued but cost discipline would be necessary to conserve margin, CLSA said.
CLSA likes volume-focussed strategy, particularly in industry that lacks pricing power.
Next share-price trigger could be Kolkata lab commercialisation, it feels. It has maintained Buy rating on the stock with increased target price at Rs 1,320 from Rs 1,270 per share earlier.
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