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
- Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
- Now Save Rs.3150 on your Demat Account ...Click here
- Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
- Get the most detailed result analysis on the web - Real Fast!
- Actionable & Award-Winning Research on 500 Listed Indian Companies.