Broker Radar for May 17

Check out the stock commentaries and recommendations from foreign brokerage houses.

May 17, 2018 02:05 IST India Infoline News Service

Morgan Stanley on ITC:

  • Maintained ‘Overweight’ with a price target of Rs320.
  • Cigarette volume decline of 2.5% was broadly inline.
  • Key positive is the cigarette EBIT growth of 7.6%.
  • Overweight rating is premised on the expectation of a steady cigarette tax policy.

Credit Suisse on TVS Motor:

  • Maintained ‘Underperform’; cut price target to Rs490 from Rs510.
  • Good execution on products, but double-digit margins seem to be a pipe dream.
  • Management now refused to give any guidance on achieving double-digit margins.
  • Raw Materials, competition key headwinds in near term.

Macquarie on TVS Motor:

  • Maintained ‘Underperform’; cut price target to Rs575 from Rs540.
  • Margin improvement remains elusive.
  • Think the valuation for TVSL is expensive at 25x FY20E PER.

Source: Media Reports


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