Broker Radar for July 4

Check out the stock commentaries and recommendations from brokerage houses.

Jul 04, 2019 02:07 IST India Infoline News Service

Buy Sell
Morgan Stanley downgraded to ‘Equal-weight’ from ‘Overweight’ on Titan; maintained TP at Rs1,300.
  • Downgrade as target price achieved and now reluctant to push multiples beyond current levels.
  • Titan remains as one of our favourite long-term play. See no downside to financials; FY20 estimates 4% ahead of consensus.
Jefferies maintained ‘Hold’ on Whirlpool with a TP of Rs1,560.
  • Strong summers could deliver a good June quarter.
  • Remain cautious on rising competition, demand softness and volatility in commodities and rupee.
Jefferies maintained ‘Buy’ on Shriram Transport; hiked TP to Rs1,250 from Rs1,200.
  • Loan growth outlook has moderated amid weak CV trends and tighter liquidity.
  • NIM pressure may ease as a mix of new loans at higher yields rise.
  • With collections still steady, asset quality should be broadly stable.
Nomura maintained ‘Neutral’ on Maruti Suzuki; cut TP to Rs6,717 from Rs7,171.
  • Factoring in weaker industry demand and rising regulatory costs.
  • There is a risk of volume loss in some segments due to the lack of diesel options.
  • Unless there is GST cut or a strong economic recovery, demand may have further downside risks.
CLSA maintained ‘Buy’ on Axis Bank; hiked TP to Rs1,000 from Rs890.
  • Risk profile at its trough; weaker CASA needs a push from riskier retail loans.
  • Comments From CEO: Management transition is complete, need to lift provisions on stressed loans and will unify Axis’ various verticals.
BofAML maintained ‘Buy’ on Dr. Reddy’s with a TP of Rs3,009.
  • Announces the launch of gHemabate which has annual sales of $55 mn under CGT.
  • Expect the product to add $15 mn and contribute to overall US growth of 12%.
  • Positive on recent launches and see a gNuvaRing launch in the second half as a strong catalyst.
Citi maintained ‘Buy’ on India Grid Trust; cut TP to Rs93 from Rs102.
  • Stable yields with inorganic growth potential. Existing portfolio has achieved high availability so far.
  • Dividend target of Rs12 will be contingent on successful debt refinancing.
Nomura downgraded to ‘Reduce’ from ‘Neutral’ on Cummins India; cut TP to Rs700 from Rs765.
  • Margin and pricing headwinds to persist.
  • The current financial year to be a weak year as civil companies are guiding lower equipment capex.
  • Exports likely to remain weak into 2020-21 leading to weak Ebitda margins.

Source: Media reports

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