Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Foreign brokerages cut target price of these 10 stocks; do you own any?

HDFC Life Insurance, HUL, Britannia, Wipro, UltraTech Cement and Indus Towers are among the ten stocks in which foreign broking houses cut the target price.

May 10, 2022 / 01:08 PM IST
Stock Market Today:
After witnessing a sell-off in the previous session, Indian benchmark indices started the day on a positive note despite weak global markets. Mixed sectoral trends kept the benchmark indices volatile. Here are the ten stocks for which foreign broking houses have cut the target price. Have a look:
HDFC Life Insurance Company | Brokerage: CLSA | Rating: Buy | Target Price: Cut to Rs 700 per share
HDFC Life Insurance Company | Brokerage: CLSA | Rating: Buy | Target Price: Cut to Rs 700 per share
Bajaj Finance | Brokerage: CLSA | Rating: Sell | Target Price: Cut to Rs 6,000 per share
Bajaj Finance | Brokerage: CLSA | Rating: Sell | Target Price: Cut to Rs 6,000 per share
Macrotech Developers | Brokerage: Morgan Stanley | Rating: Equal-weight | Target Price: Cut to Rs 1,145 per share
Macrotech Developers | Brokerage: Morgan Stanley | Rating: Equal-weight | Target Price: Cut to Rs 1,145 per share
Hindustan Unilever
Hindustan Unilever | Brokerage: Credit Suisse | Rating: Outperform | Target Price: Cut to Rs 2,550 from Rs 2,800 per share
Britannia Industries
Britannia Industries | Brokerage: Nomura | Rating: Neutral | Target Price: Cut to Rs 3,450 per share
IDFC First Bank | Brokerage: Credit Suisse | Rating: Neutral | Target Price: Cut to Rs 43 from Rs 50 per share
IDFC First Bank | Brokerage: Credit Suisse | Rating: Neutral | Target Price: Cut to Rs 43 from Rs 50 per share
Mphasis | Broadly inline, confident on ‘industry leading Direct growth’: Rating: Buy | Target: Rs 3,380 | Upside: 23% Mphasis’s Q4 FY22 performance was tad higher than estimates on revenue growth with a slight sequential increase in the DXC business (after the sharp declines through every single quarter through FY20-22) even as the Direct business grew by 4.7% QoQ. Growth moderated sequentially in the BFS vertical in 4Q with other verticals picking up the slack. EBIT margins improved by 10 bps QoQ aided by growth leverage even as Mphasis continues to push the pedal on headcount addition in recent times. Net profit came in tad higher courtesy forex gains. Strong net new wins at USD 1.43 billion for FY22 should allay concerns on likely macro impact and provide comfort on FY23 growth prospects as company suggests no near term impact on client spend/behaviour. We tweak FY23/24E lower by 2-3% driven by slight margin adjustments and higher ETR. We retain buy with a revised target of Rs 3,380 (based on unchanged 32x FY24 EPS).
Mphasis | Brokerage: Citi | Rating: Neutral | Target Price: cut to Rs 3,130 from Rs 3,625 per share
Representative image
Wipro | Brokerage: Morgan Stanley | Rating: Overweight | Target Price: Cut to Rs 640 from Rs 690 per share
UltraTech Cement | Brokerage: Investec | Rating: Buy | Target Price: Cut to Rs 9,150 from Rs 9,350 per share
UltraTech Cement | Brokerage: Investec | Rating: Buy | Target Price: Cut to Rs 9,150 from Rs 9,350 per share
Indus Towers Q4: Net profit was up 16.4% at Rs 1,828.5 crore against Rs 1,570.8 crore (QoQ). Revenue rose 2.7% at Rs 7,116.3 crore against Rs 6,927.4 crore (QoQ).
Indus Towers | Brokerage: CLSA | Rating: Buy | Target Price: Cut to Rs 283 from Rs 360 per share
Rakesh Patil
first published: May 10, 2022 01:08 pm
Sections
ISO 27001 - BSI Assurance Mark