We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
UBS on Bharti Airtel: Neutral | Target price: Rs 1,595
UBS has maintained a neutral rating on Bharti Airtel with a target price of Rs 1,595. Q2 FY25 saw solid ARPU growth alongside manageable churn. Home broadband, Africa, and Enterprise segments slightly exceeded estimates, while Digital TV came in slightly below. Despite the overall churn in subscribers, Airtel added 4.2 million 4G subscribers, indicating that disconnections were primarily among low-ARPU subscribers.
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Nomura on Macrotech Developers: Buy | Target price: Rs 1,600
Nomura maintained a buy rating on the stock with a target price of Rs 1,600. Q2 was strong, and H2 pre-sales are likely to grow by 20% YoY. Pre-sales growth, OCF generation, and revenue recognition are expected to drive H2 growth. Full-scale expansion in Bangalore is now underway, targeting a 15% market share by FY30.
Nomura on BPCL: Buy | Target Price: Rs 380
Nomura has maintained a buy call on BPCL while increasing the target price to Rs 380 from Rs 368. Lower-than-anticipated results were driven by higher LPG under-recovery, inventory losses, and lower GRM. Russian crude sourcing moderated to 34%, with PDPP now at 80% utilization. The regulatory framework on auto fuel marketing margins has been supportive for OMCs.
Nuvama on Federal Bank: Buy | Target Price: Rs 235
Nuvama maintains a buy rating on the stock with a target price of Rs 235. Q2 PAT was in line with estimates, showing good asset quality. Strong loan growth was observed, but deposit growth slowed down. The LCR has improved. Co-lending in MFI has just started and remains a small portion of the portfolio. Management remains optimistic about maintaining healthy asset quality in MFI.
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Jefferies on Sun Pharma: Buy | Target Price: Rs 2,150
Jefferies maintained a buy rating on Sun Pharma and increased the target price to Rs 2,150 from Rs 2,000. Sun Pharma’s Q2 saw continued growth momentum in the specialty segment. Q2 sales were in line, while EBITDA and PAT were ahead of estimates due to lower R&D costs. US growth was driven by higher gRevlimid sales and the specialty segment.
R&D guidance for FY25 has been revised down due to slower clinical trials. The company remains prepared to launch Leqselvi following its litigation resolution and is well-positioned to conclude more deals in the specialty area.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
