Coforge Ltd., Navin Fluorine Ltd., and Hindustan Zinc Ltd. are among companies that have drawn commentary from top brokerages on Thursday. Jefferies has cut the target price for Hindustan Zinc stock, while Coforge is seen to have a strong potential according to CLSA.
CLSA On Coforge
- High Conviction Outperform; Target price Rs 2,426 (77% upside).
- Sabre risk seems manageable.
- Guidance for 2026 by Sabre seems in line with street expectations.
- Signed a large $1.56 billion deal over a 13-year period with Sabre.
- Sabre has very high financial leverage and high solvency risk going into 2029.
- See Coforge as a net beneficiary of the upcoming AI wave.
Citi On Aadhar Housing Finance
- Maintain Buy, with TP of Rs 650.
- Medium-term AUM trajectory of 20-22% with Rs 50,000 crore milestone.
- Spreads anchored above 5.6% through the medium term.
- Credit cost guidance of 25-27bps.
- Annual improvement of 40-50 bps in C/I and 6-8bps in cost/asset.
- Trades at 2.3x FY26E book for >4.4%/16% RoA/RoE.
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Citi On Navin Fluorine
- Sell; Target price Rs 5,550.
- Management doesn't see any major downside risk to R32 pricing.
- Customer conversations indicate willingness to enter longer-term contracts.
- Company aims to balance between locking in contracts and spot exposure.
- Management expects to sell 6-7kt AHF externally in FY27.
- Management expects FY26 capex at Rs 500-600 crore, increasing to Rs 700-800 crore in FY27e.
Goldman Sachs on L&T
- Larsen & Toubro and E2E Networks have partnered with NVIDIA to build next-generation AI cloud and data-center infrastructure in India.
- L&T holds a 19% stake in E2E Networks, with board representation rights, reinforcing long-term alignment
- Giving L&T direct exposure to India's fast-growing AI cloud ecosystem.
- E2E gains priority access to L&T state of the art data centre capacity.
Jefferies on Hindustan Zinc
- Cut TP to 700 vs 750 earlier.
- Global silver market is expected to remain in deficit for the 6th consecutive year in 2026, though the shortfall may narrow versus 2025.
- Silver demand in 2026 is likely to be broadly flat, with rising investment demand offsetting weakness in industrial demand.
- Global mine production is expected to peak in 2026, after which supply growth will weaken as mines approach end-of-life and recycling remains constrained.
- See 6–7% EPS cuts on lower silver prices.
CLSA On India Telecoms
- 5G FWA and Unlicensed Band Radio Fixed Wireless Access (UBR FWA) acceleration.
- Reliance Jio largest 5G FWA and UBR FWA player, an acceleration of 2.6x in 12 million.
- RJio 5G FWA and UBR FWA subscribers have reached 11.5 million.
- Bharti Airtel 5G FWA subscribers are 3 million and it is testing UBR FWA.
- Homes subscribed have reached 25m, 90% ahead of Bharti Airtel's 13 million.
- The home market can double to 100-130 million in the medium-term.
- After 5G mobile; duo to dominate India's home opportunity.
Jefferies On Alkem Laboratories
- Maintain Buy; Price Target Rs 6,550 (unchanged).
- Analyst Day KTAs: Medtech - a future growth driver but nascent.
- Alkem now plans to consolidate these acquisitions and scale organically.
- Mgmt. envisions Medtech sales of Rs 1,000 crore and 20-25% Ebitda margins.
- Strategic entry into Medtech: Alkem has taken multiple steps.
- Occlutech provides an entry into cardiac medtech.
- Await closure of the acquisition.
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