Morgan Stanley On NMDC
NMDC Ltd. has cut iron ore prices by 9% and fines prices by 10%
Domestic iron ore fines price discount to import parity prices has contracted to 57% from 53%
This is a surprise to the brokerage.
Morgan Stanley expected domestic iron ore prices to be stable or rise somewhat in the near term
The brokerage sees this as incrementally positive for JSW Steel/Jindal Steel given their partial dependency on external iron ore
UBS On Titan
UBS Global Research has upgraded to Buy from Neutral. The brokerage has hiked the target price to Rs 4,700 from Rs 3,600
Time to re-jewel your portfolio as Titan is on the cusp of a major rebound, The stock is a structural winner
Lab-grown diamonds threat is manageable. UBS Global Research believes that Titan's value proposition remains competitive
As its earnings rebound, the brokerage expects multiple to rise towards the five-year average
Brokerages On Urban Company
Morgan Stanley
The brokerage initiated an Underweight rating with the target price of Rs 117
The company differentiated business and have steady growth in the price
Urban Company has a large addressable market in online home services
This is supported by competitive moats and an experienced founding team
Morgan Stanley gave an Underweight rating given growth is in the price
The brokerage expect core India consumer services NTV to grow at a healthy CAGR of 18-22% over financial year 2025-2028
High churn/supply constraints to drive growth at a calibrated pace
India consumer services (ex Insta) to reach 30% adj EBITDA margin medium term
Investments in Instahelp to drag profitability near term
Valuation multiples should sustain in line with strong and established business models in India Internet
Goldman Sachs
Goldman Sachs initiated with a Neutral rating and a target price of Rs 140
Urban Company has a strong business model and execution track record
The brokerage expects a 24% revenue CAGR over financial year 2025 and 2030.
Goldman Sachs believe that the strength of the business model and outlook is already reflected in the company’s premium valuations
The growth compounding has a long runway
InstaHelp incremental growth driver but not meaningful to SOTP yet, the brokerage said.
Optionalities from international segment and B2C products
The company has a robust revenue growth with strong operating leverage
Nomura On Tata Steel
Nomura initiated coverage with a Buy rating and a target price of Rs 215
The company has a trong growth in India and turnaround in Europe
Improving macros suggest significant upside potential, according to Nomura.
Tata Steel is poised for sustainable growth and margin upside
Tata Steel to maintain its cost advantage
Morgan Stanley On Mauruti Suzuki India
Maintain Overweight with a target price of Rs 18,360
The brokerage believed that the share price will rise over the next 60 days
Recovery in the number of first-time buyers, strength in rural areas and good response to the new SUV launch will drive up Maruti Suzuki India's market share.
Rising share of EVs in exports will benefit benefit average selling price
Morgan Stanley could see the company announcing price increases for 2026 models in end-November
The brokerage expects a margin expansion in third quarter on leverage gains and fourth-quarter to benefit from pricing recovery
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