We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
CLSA on Jubilant Foodworks: Underperform | Target price: Rs 445
CLSA maintained an Underperform rating on Jubilant Foodworks and cut the target price to Rs 445 from Rs 454.
The company reported in-line sales but weaker than expected Ebitda/PAT. A miss on shift to delivery from dine-in was also seen. The margins were lower mainly due to shifts from dine-in to delivery. Popeye’s store adds continued and good growth at DP Eurasia.
Jefferies on Trent: Hold | Target price: Rs 5,750
Jefferies has maintained a hold rating on Trent while hiked the target price to Rs 5,750 from Rs 4,150.
Q1 revenue beat while margins were strong. Store additions were soft, with Westside even seeing higher net closure while Zudio additions were also sub-par. The LFL margins saw a strong expansion, driving sharp earnings growth. The Board also approved tendering 22% of the stake in Zara India at a cheap Rs 500 cr valuation, which was a surprise. While growth momentum remains strong, expensive valuation keeps us on the sidelines.
Citi on Grasim: Buy| Target price: Rs 3,250
Citi maintained a buy call and hiked the target price to Rs 3,250 from Rs 3,000.
Q1 was hurt by paint losses as marketing remains in focus. The holdco discount should narrow the medium term. Paints (Birla Opus): Grasim would like to exit FY25 with a high single-digit market share.
Jefferies on Honasa: Buy | Target price: Rs 545
Jefferies has maintained a buy rating on Honasa and cut the target price to Rs 545 from Rs 590.
Overall, Q1 was better than forecast but it was a miss on revenue growth. High competition and upcoming inventory correction were key negatives. Guidance at 20% revenue growth and 150bps margin expansion can be seen in the medium term. Jefferies continues to believe that volatility will persist given Honasa is still at an early stage of evolution.
Kotak Equities on Siemens: Sell | Target price: Rs 4,600
Kotak Equities has maintained a sell call on the stock while cutting the target price to Rs 4,600 from Rs 4,900.
Q1 saw a sharp miss in PAT, belying recent strength in execution and an uptick in the margin. The euphoric phase seems short-lived and an order uptick may help revive a weak backlog and improve execution with a lag. The trend of underperformance continues versus the preferred pick ABB.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
