The market is closed on April 17 on account of Ram Navami. A day earlier, the benchmark indices extended the fall for a third straight session amid growing tensions in West Asia and mixed economic data from China. The Sensex closed 456.10 points, or 0.62 percent, down at 72,943.68 and the Nifty 124.60 points, or 0.56 percent, lower at 22,147.90. Here is a list of eight stocks whose target price has been raised in the past week
2/9
UBS raised the target price of Zomato to Rs 250 from Rs 195 and maintained "buy" rating on the stock. The company's quick commerce growth and margin potential is under appreciated. USB analysts also expect the company's EBITDA (earnings before interest, tax, depreciation, and amortisation) margin to touch 9 percent, almost two times the consensus. The total addressable market and unit economics framework suggests FY24-29 gross merchandise value could grow at a compounded annual growth rate (CAGR) of 45 percent, they said. On April 16, the stock closed at Rs 186.75 on the BSE.
3/9
HSBC analysts assigned a "buy" rating to Dixon Technologies after the company said is would acquire a majority stake in Ismartu, the Transsion Holdings' India mobile assembly unit. The brokerage raised the target price to Rs 8,400. Broking firm expect the company to more than double its revenue over the next two years. It also added that profit growth could potentially be higher than revenue growth for Dixon. The stock ended April 16 at Rs 7,560.70 on the BSE.
4/9
Brokerage JPMorgan upgraded TCS to "overweight" and raised its price target to Rs 4,500 from Rs 4,000. It has called TCS a "cross-cycle champion" that will benefit from cost takeout deals in the short term and a discretionary digital transformation deals in the medium term. With record deal wins, analysts at JPMorgan expect TCS to outpace all large IT services peers in FY25. TCS' generative AI pipeline of $900 million, double of the previous period, also appears promising. On April 16, the IT services stock closed at Rs 3,872.30 on the BSE.
Morgan Stanley raised the target price to Rs 485 from Rs 373 on account of multiple levers for growth for Exide Industries while sticking to its "overweight" call. The international brokerage is of the view that the battery manufacturer's shares could rise significantly over the next 10 years. The government's support for Made in India EVs can help the company become a leading player in battery cell localisation. The company's strong automobile and industrial tie-ups, and early mover advantage could also play in its favour, it said. On April 16, the stock touched a 52-week high of Rs 470.55 but failed to hold on to the gain and ended at Rs 459.40 on the BSE.
6/9
CLSA has upgraded Vedanta's from "underperform" to "buy" and raised the target price to Rs 390 from Rs 360. The company is favourably positioned to capitalise on the commodity upcycle, thanks to its diversified exposure. Moreover, its ongoing efforts to enhance capacity and profitability across various segments bode well for future prospects. The company has indicated a growth trajectory, with the group EBITDA expected to rise from $5 billion to $6-$7.5 billion by FY25/27. Although the parent company has seen a significant decline in debt, Vedanta's leverage has increased. Observing this leverage trend and the corporate structure will be crucial moving forward, it said. On April 16, the stock closed at Rs 378 on the BSE.
7/9
Jefferies has kept its "underperform" rating on Indus Tower but raised the target to Rs 250 a share. Jefferies’ scenario analysis indicates that despite the stock's sharp year-to-date rally, it still trades at a 6 percent Free Cash Flow (FCF) yield. This suggests that the stock might be overvalued compared to its fundamentals. The broking firm said the tower/tenancy growth outlook is likely to remain soft, which could limit the valuation upside. Despite assuming better FCF conversion, Jefferies still sees downside potential from the current level. Indus Tower has already gone past the target price and closed at Rs 332.85 on the BSE on April 16.
8/9
Broking house Jefferies has raised Godrej Properties' target price to Rs 3,175 while sticking with the "buy" call. Godrej Properties Q4 pre-sales at Rs 9,500 crore was the highest among listed developers. Timely land acquisitions and Hyderabad entry imply FY25 can see growth over high base. The brokerage house expects a much higher margin after the execution of the new projects. On April 16, the stock ended at Rs 2,606.20 on the BSE.
Morgan Stanley kept its "overweight" call on Maruti Suzuki but raised the target price to Rs 14,322. The brokerage said the global slowdown in EVs validates Maruti's powertrain strategy as the best approach to navigate the current landscape. It views hybrids as an attractive bridge in the transition to electric vehicles globally. While the adoption of hybrids has been slow in India so far, they believe this could change in the future. On April 16, the stock closed at Rs 12,503.45 on the BSE.
![The international brokerage JPMorgan upgraded the TCS to 'overweight' and also raised its price target to Rs 4,500 from Rs 4,000 earlier. It has called TCS a "cross-cycle champion" that will benefit from cost takeout deals in the short term and a discretionary digital transformation deals in the medium term. With record deal wins, analysts at JPMorgan expect TCS to outpace all large IT services peers in FY25. TCS' generative AI pipeline of $900 million, double of the previous period, also appears promising.](https://images.moneycontrol.com/static-mcnews/2023/01/tcs-bbo.jpg "The international brokerage JPMorgan upgraded the TCS to 'overweight' and also raised its price target to Rs 4,500 from Rs 4,000 earlier. It has called TCS a "cross-cycle champion" that will benefit from cost takeout deals in the short term and a discretionary digital transformation deals in the medium term. With record deal wins, analysts at JPMorgan expect TCS to outpace all large IT services peers in FY25. TCS' generative AI pipeline of $900 million, double of the previous period, also appears promising.")
