Citi Maintained ‘Neutral’ on Yes Bank with a TP of Rs215
• Stock to remain range bound despite low valuations.
• Multiple board and management appointments an overhang.
• Uncertainty around divergence report for the previous financial year an overhang.
Citi Initiated ‘Buy’ on United Breweries with a TP of Rs1,550
• .Value growth of beer higher than spirits.
• Expect 8% industry volume growth CAGR over the medium term.
• Strong competitive advantages; premiumisation is opportunity.
• Expect 26% EPS CAGR over FY18-21 - highest in the peer group.
Deutsche Bank Research Maintained ‘Buy’ on L&T; cut TP to Rs1,620 from Rs1,650.
• New project announcements down sharply - cutting order inflow estimates.
• Stock has near to medium term order inflow uncertainty, as well as risk of political stability.
• Retain Buy on reasonable valuations and likelihood of a private capex recovery post elections.
JPMorgan Maintained ‘Overweight’ on L&T with a TP of Rs1,620.
• Worry around impact on ordering from upcoming General Elections is overdone.
• Expect growth in smaller-sized base orders across water, heavy civil and T&D to fill the gap.
• Big-ticket order prospects likely to spill into the next financial year.
(Source: Media Reports)