Goldman Sachs maintained a buy rating on Indigo while Macquarie maintained an outperform rating on HDFC Bank and CLSA initiated a buy on Amber Enterprises.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
JPMorgan on TCS: Underweight| Target Rs 2650
JPMorgan maintained an underweight rating on TCS with a target price of Rs 2650. The IT company announced a large deal win from JLR worth $1bn TCV over five years.
Net new deal that will add $200mn annually to revenues and could potentially add 0.35% each to FY24 and FY25 growth.
JLR deal along with the BSNL and Nest deals could together potentially add 3.5% to Q3 growth and 1.8% each to FY24 and FY25 growth.
Nomura on IT sector: TCS maintain reduce| Infosys upgraded to neutral
Nomura remained cautious on the IT sector given limited visibility on a significant turnaround in discretionary demand for IT services.
The revenue growth is likely to pick up in FY25F, aided by large deals. The margin improvement is likely to be slow, as cost takeout projects would weigh on margins.
Nomura maintained a “reduce” rating on TCS but raised the target price to Rs 3040 from Rs 2800 earlier.
Infosys was upgraded to “neutral” from “reduce” and also hiked the target price to Rs 1410 from Rs 1210 earlier.
The global investment bank has a neutral rating on Wipro but raised the target price to Rs 420 from Rs 373 earlier.
It has a neutral rating on HCL Technologies but raised the target price to Rs 1,220 from Rs 1,090 earlier.
Goldman Sachs on Indigo: Buy| Target Rs 2600
Goldman Sachs maintained a buy rating on InterGlobe Aviation with a target price of Rs 2600.
Lower yields & higher fuel prices might drive a weak Q2. The global investment bank expects a loss of Rs 11/share in Q2.
Macquarie on HDFC Bank: Outperform| Target Rs 2110
Macquarie maintained an outperform rating on HDFC Bank with a target price of Rs 2110. Low credit costs are likely to drive ROAs (for a merged entity) in Q2 to around 1.9%.
PPOP growth to remain low on account of higher opex and the near-term pressure is likely to be on the margins. HDFC Bank is a Marquee buy idea and a top pick in the sector.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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