Goldman Sachs maintained a cautious stance on Vodafone Idea Ltd., reiterating a 'sell' rating and lowering its target price to Rs 2.4, due to missed earnings and mounting dues. While, it remains optimistic on Eicher Motors Ltd., given the company’s strong volume momentum and an improved product mix.
As part of its Emerging Market Equity Strategy, Goldman Sachs anticipates a range-bound market in the short term, but expects a back-loaded recovery for Nifty, projecting a 12-month target of 27,000.
Morgan Stanley has shared a note on Indian Hotels Co., the Taj Hotel operator, after it revealed its extensive pipeline of upcoming hotels.
NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Thursday.
As part of its Emerging Market Equity Strategy, Goldman Sachs anticipates a range-bound market in the short term, but expects a back-loaded recovery for Nifty, projecting a 12-month target of 27,000.
Morgan Stanley has shared a note on Indian Hotels Co., the Taj Hotel operator, after it revealed its extensive pipeline of upcoming hotels.
NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Thursday.
Goldman Sachs On Vodafone Idea
Maintained 'sell' rating with a revised target price of Rs 2.4 from Rs 2.5 earlier, implying a 67% downside.
Second-quarter revenues and earnings before interest, taxes, depreciation, and amortisation missed estimates by 6% and 22%, respectively.
Expects the company's market share and free cash flow to remain under pressure; capital expenditure to lag peers.
Company is well-funded from a near-term standpoint.
Balance sheet to remain stretched even after potential government conversion of near-term dues to equity.
Lowers revenue and Ebitda estimates by 5% and 13%, respectively.
Expects continued subscriber erosion.
Goldman Sachs On Eicher Motors
Maintained 'buy' rating with a revised target price of Rs 5,900 versus Rs 5,400 per share, implying an 18.8% upside.
Expects a near-term pickup in volume momentum in fiscals 2025 and 2026.
Anticipates more product launches over the next year across 350cc, 450cc, and 650cc portfolios.
Sees a pickup in export volumes, which has superior margins and average selling prices compared to domestic volumes.
Raised earnings per share estimates for the fiscal 2025-2027 by 4-5% due to strong volumes and improved product mix.
Goldman Sachs' Emerging Market Equity Strategy
Expects markets to remain range-bound over the next three months.
Nifty three-month target set at 24,000, implying a 2% upside.
Forecasts a back-loaded recovery in Nifty and earnings growth, with a 12-month target of 27,000.
Indian equities should be relatively insulated from macroeconomic headwinds, it said.
Maintains a tactically neutral stance on India, favouring select domestic-focused sectors.
Remains overweight on sectors with higher earnings visibility, including autos, telecoms, insurance, real estate, and internet.
Upgrades exporters like information technology to 'overweight' and pharma to 'market weight.'
Bernstein On Paytm
Maintains 'outperform' rating, with a target price of Rs 1,000 per share, implying a 23% upside.
In a bull-case scenario, sees 100% upside driven by payment margin expansion, lending from the company's balance sheet, and the return of its 'buy now, pay later' product.
In a bear-case scenario, sees 40% downside due to weaker cost control, continued contraction of payment margins, and slower lending disbursal growth.
Projects EPS of Rs 72 for fiscal 2030 and increased the valuation multiple to 25 times.
CLSA On Wipro
Maintained 'outperform' rating with a target price of Rs 606 per share, implying an 8% upside.
Hosted the company at Forum 2024.
Healthcare and high-tech verticals performing well.
Some risks identified from insourcing trends.
Company is focusing on execution under the new CEO.
Citi On Equity Market
Following a ~10% correction in Nifty, valuations are now more reasonable.
Foresees a potential recovery in public capital expenditure and rural demand in the second half of the fiscal.
Urban consumption and asset quality remain key areas to watch.
Domestic flows continue to be robust but could face pressure if the foreign institutional investor sell-off sustains.
Set a September 2025 Nifty target of 25,000.
Recommends adding Ramco Cements and switching from Devyani International to Jubilant FoodWorks in mid-cap picks.
Key overweight sectors: Financials, telecoms, and pharma.
Key underweight sectors: Consumer discretionary, information technology, and metals.
Morgan Stanley On Indian Hotels
Maintained 'overweight' rating with a target price of Rs 759 per share, implying a 1% upside.
Targets doubling consolidated revenue by the fiscal ending March 2030, implying a 12% Compound Annual Growth Rate over the fiscals 2024-2030.
Expects margins to expand during this cycle, given a 20% return on capital employed target.
Projects new businesses such as Qmin, Ama, and Ginger to grow at a 30% CAGR over fiscals 2024-2030.
Sees approximately 2 times growth in re-imagined businesses, including Taj SATS and Chambers.
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