Brokerage Views: JP Morgan On Hyundai India, Nuvama On M&M, Siemens And More

Mahindra & Mahindra Ltd. has unveiled two new electric sport utility vehicles—the BE 6e and XEV 9e, sparking mixed reactions from brokerages. While Emkay Global questioned whether this is the right time for the company to enter the electric vehicle segment, Nuvama noted its strong features and competitive pricing.

Siemens reported a 45% year-on-year jump in net profit to Rs 831 crore for the fourth quarter on Tuesday. Brokerages have weighed in on the company's performance and growth outlook.

Meanwhile, Hyundai Motor India Ltd., which debuted on the Indian stock exchanges last month in the country’s largest-ever initial public offering, has caught the attention of global brokerages. JPMorgan initiated coverage on the stock, adding to the growing list of firms, including Morgan Stanley, tracking the automaker's progress.

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 Wednesday.

Siemens reported a 45% year-on-year jump in net profit to Rs 831 crore for the fourth quarter on Tuesday. Brokerages have weighed in on the company's performance and growth outlook.

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 Wednesday.

Also Read: Mahindra Electric SUVs BE 6e, XEV 9e Break Cover As India’s EV Overdrive Gathers Steam

Nuvama On Mahindra & Mahindra

Retained a 'buy' rating on the stock and a target price of Rs 3,700 apiece, implying a potential upside of 21% from the previous close.
Notes that the new dedicated electric vehicle platform offers superior features compared to peers.
Highlights key features such as a large battery and fast charging capabilities.
Bookings are expected to open in January 2025, with deliveries starting by the end of February 2025.
Initial annual battery electric vehicle production capacity stands at 90,000 units.
Estimates battery electric vehicle volumes at 48,000 units in the fiscal 2026.
Reiterated Mahindra & Mahindra as one of its top picks.

Emkay On Mahindra & Mahindra

Retained a 'reduce' rating on the stock and a target price of Rs 2,700 apiece, implying a potential downside of 9% from the previous close.
Views the electric vehicle launch as impressive but notes that category adoption will be gradual.
Commends the strong specifications and competitive pricing of the new models.
Highlights that introductory prices are 6% and 22% lower than top-selling models in targeted sport utility vehicle segments.
Cautions that electric vehicle off take remains slow, with low single-digit penetration levels, driven by customer concerns over charging infrastructure and resale value.
Expects intensified electric vehicle launches in the industry over the next 6–12 months.
Maintains a cautious stance, noting that the best of the sport utility vehicle launch cycle is now behind.

Also Read: Is Mahindra Betting On EVs At The Right Time? This Brokerage Says No

JPMorgan On Hyundai Motor India

Initiated coverage with an 'overweight' rating on the stock and a target price of Rs 2,200 apiece, implying a potential upside of 17% from the previous close.
Highlights Hyundai’s premium portfolio, market share gains, and operational efficiencies as key growth drivers.
Notes that 68% of Hyundai’s portfolio consists of high-profitability sport utility vehicles.
Projects market share to rise from 14% in fiscal 2025 to 15% in the fiscal 2027.
The company's FY24 Ebit per vehicle was at Rs 89,000, a 43% premium compared to peers.
Values the company at a price-to-earnings ratio of 25 times, based on projections for March 2027.

Also Read: Hyundai Motor India Gets 'Overweight' Rating As JPMorgan Initiates Coverage, Sees 17% Upside

Nuvama On Siemens

Retained a 'buy' rating on the stock and a target price of Rs 8,350 apiece, implying a potential upside of 13.6% from the previous close.
Reports that fourth-quarter results were in line with market estimates.
Attributes growth to the energy and mobility segments.
Anticipates large orders materialising over the next 12–24 months.
Conservatively projects a 15% compound annual growth rate in base orders.
Expects operating margins to improve to 14.5% by the fiscal 2027, compared to 14% in the fiscal 2024.
Lowers earnings per share estimates for fiscals 2025 and 2026 by 7.4% and 7.6%, respectively, due to delayed execution.

Antique Broking On Siemens

Retained a 'buy' rating on the stock and a target price of Rs 8,856 apiece, implying a potential upside of 22.2% from the previous close.
Notes that revenue growth aligned with expectations.
Reports a 240 basis point expansion in Ebitda margin, exceeding estimates.
Observes healthy execution across the mobility and energy segments.
Projects annual orders to potentially reach Rs 40,000 crore over the next two-three years.
Marginally reduces estimates for fiscal 2026 and 2027 by 6% and 13%, respectively, due to execution delays.

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