Last Updated : Jun 12, 2020 12:10 PM IST | Source: Moneycontrol.com

Slideshow | CLSA raises target for these 6 stocks; do you hold any?

Here are the list of six stocks in which foreign brokerage CLSA has raised target price:

On June 11 the benchmark indices ended on negative note on the back of weak global cues and Supreme Court's verdict on the AGR case. The Sensex was down 708.68 points or 2.07% at 33538.37, and the Nifty was down 214.20 points or 2.12% at 9902.

On June 11, the benchmark indices ended on a negative note on the back of weak global cues and the Supreme Court's verdict on the AGR case. The Sensex was down 708.68 points or 2.07% at 33538.37, and the Nifty was down 214.20 points or 2.12% at 9902. The market has been very volatile lately as the investors track increasing numbers of COVID-19 cases on one hand and the impact of opening up of economy post lockdown on the other. Amid all this CLSA has raised its target price on 6 stocks. Take a look:

Titan | Maintain sell call and raised target to Rs 855 from Rs 810. According to CLSA the normalcy is expected to return in FY22, while remain concerned on higher competition as gold prices rise. The stock has rebounded in-line with other consumer discretionary stocks and company should be a late-cycle beneficiary, reported CNBC-TV18.

Titan | Maintained sell call but raised target to Rs 855 from Rs 810. According to CLSA the normalcy is expected to return in FY22, while remain concerned on higher competition as gold prices rise. The stock has rebounded in-line with other consumer discretionary stocks and company should be a late-cycle beneficiary, reported CNBC-TV18.

JSW Steel & Tata Steel | Downgrade both stocks from underperform to sell and raised target for JSW Steel to Rs 185 from Rs 170 & for Tata Steel target raised to Rs 304 from Rs 290. The recent rally in steel unjustified as fundamentals remain stretched. Government’s stimulus is more directed towards construction activity. However, see downside risks to flat steel prices and find risk-reward to be unfavourable for the Indian steel stocks, reported CNBC-TV18.

JSW Steel & Tata Steel | CLSA downgraded both stocks from underperform to sell. Though it raised target for JSW Steel to Rs 185 from Rs 170, for Tata Steel target is raised to Rs 304 from Rs 290. The recent rally in steel is unjustified as fundamentals remain stretched. Government’s stimulus is more directed towards construction activity. However, see downside risks to flat steel prices and find risk-reward to be unfavourable for the Indian steel stocks, reported CNBC-TV18.

Representative image

DLF | CLSA maintained buy call and raised target to Rs 190 from Rs 180 per share. The change in sales strategy, focus on mid segment and plan to commence sales during construction may revive volume. It has increase sales for FY22 from Rs 2,100 crore to Rs 2,500 crore but maintained FY21 estimate of Rs 1.600 crore, reported CNBC-TV18.

Vedanta | Upgrade to outperform from underperform and raised target to Rs 95 from Rs 80. The company operational results were in-line but one-off impairment weighed on the net profit. However, the Q4 EBITDA was in-line as aluminium surprised positively and lifted its FY21-22 EBITDA by 6-8%. It expect company's fundamentals to remain weak on low volume and high leverage. Meanwhile, the near-term delisting updates is likely to drive stock instead of operational performance, reported CNBC-TV18.

Vedanta | Upgraded to outperform from underperform and raised target to Rs 95 from Rs 80. The company's operational results were in-line but one-off impairment weighed on the net profit. However, the Q4 EBITDA was in-line as aluminium surprised positively and lifted its FY21-22 EBITDA by 6-8%. It expects the company's fundamentals to remain weak on low volume and high leverage. Meanwhile, the near-term delisting updates is likely to drive stock instead of operational performance, reported CNBC-TV18.

Hero MotoCorp | Maintain buy rating and raised target to Rs 2,700 from Rs 2,400. The company's Q4 results were better than broking house & consensus expectations, while revenue/EBITDA 1%/20% was above the forecast. The near-term demand is uncertain but CLSA is enthused by its share dominance. It has increased the FY21/22 EPS estimates by 9-10%, reported CNBC-TV18.

Hero MotoCorp | Buy rating maintained and target raised to Rs 2,700 from Rs 2,400. The company's Q4 results were better than broking house & consensus expectations, while revenue/EBITDA 1%/20% was above the forecast. The near-term demand is uncertain but CLSA is enthused by its share dominance. It has increased the FY21/22 EPS estimates by 9-10%, reported CNBC-TV18.

First Published on Jun 12, 2020 12:10 pm
Sections