Moneycontrol BureauTata Steel
Morgan Stanley has overweight rating on the stock, with a target price of Rs 530 after Q3 domestic earnings surprised, Europe business came in on expected lines and trends remained positive. Key positive surprise was lower than expected costs in domestic business.
Citi says valuations are reasonable and raised FY17-19 EBITDA estimates by 2-5 percent. The brokerage house also raised target price to Rs 630 from Rs 575 earlier.
Macquarie says Q3 numbers were in-line with expectations but better than consensus estimates.
It feels order inflow outlook clouded & is dependent on regulatory clearances. Given low operational order book, revenue growth remains at risk, it says.
Hence, the stock remains a high conviction underperform idea, with a target price of Rs 98.
With reiterating outperform rating on the stock, with a target price of Rs 250, Macquarie says commodity price support will provide fresh legs for rerating and favourable mix will drive margins.
Hindalco's subsidiary Novelis reported in-line Q3 EBITDA & lower volumes that offset by better product mix.
Morgan Stanley has equal-weight rating on Hexaware, with a target price of Rs 221 after strong performance in a seasonally weak quarter.
The brokerage house believes the company confidence comes from deal wins from new clients and healthy orderbook. Margin was impacted from the rampdown of one of the top five clients in second half of financial year.
Morgan Stanley expects double-digit earnings growth in 2017.
CLSA has upgraded Titan Company to buy from underperform and also increased target price to Rs 500 from Rs 372 after raising EPS forecasts by 9-24 percent.
Results displayed that concerns post demonetisation were unfounded, the brokerage house says.
With underweight rating on PNB, with a target price at Rs 92, Morgan Stanley says it does not see quick respite in sight as earnings will remain under pressure for the next couple of years.
Gross non-performing loans decline sequentially was partially helped by write-offs, the research firm says.
Macquarie has maintained outperform rating on Jubilant Life, with increased target price at Rs 1,000 (from Rs 930 earlier) as it feels scale-up of speciality business may help sustain margin & stock rerating.
Financial discipline with expanding pharma contribution is a key positive, it says.
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