Stock Picks Today: ICICI Prudential Life, Titan, L&T And More On Brokerages' Radar

A clutch of global brokerages have rolled out fresh views on PB Fintech, ICICI Prudential Life, ICICI Lombard, Titan, TVS Motor, L&T, SBI Cards and Indus Towers ahead of the upcoming session.

They have also shared sector-level commentary on insurance, consumer discretionary, autos, telecom and broking platforms, alongside broader strategy views on India’s earnings outlook, sectoral leadership, regulatory risks and the near-term market sentiment.

• Jefferies maintains a Buy rating with a target price of Rs 2,200.

• Concerns around commission caps have led to a 13% decline in PB Fintech’s share price over the past month.

• Scenario analysis assuming first-year commissions cut to 20–30% from 25–40% in term and health insurance implies a 10–30% hit to first-year profits.

• However, Jefferies believes the impact is NPV-neutral to positive as renewal take rates could increase.

• PB Fintech could offset the impact through a Managing General Agent (MGA) structure, cost rationalisation, and pursuing life insurance renewal commissions.

• At 44x EV/adjusted EBITDA, regulatory overhang may weigh on the stock in the near term.

Citi on ICICI Pru Life

• Citi maintains a Buy rating and hikes the target price to Rs 900 from Rs 870.

• The turnaround thesis remains intact.

• Growth revival is a key positive.

• Margins are expected to improve further.

• Weakness in early-bucket persistency is expected to have a limited impact.

Goldman Sachs on ICICI Pru Life

• Goldman Sachs maintains a Neutral rating and hikes the target price to Rs 690 from Rs 660.

• Q3 performance was in line with expectations.

• Product mix and profitability gains offset GST headwinds.

• APE growth was driven by ULIPs.

• Retail protection saw strong growth aided by GST exemption tailwinds.

• Management expects momentum to continue into Q4 and targets 13–14% medium-term topline growth.

Morgan Stanley on ICICI Pru Life

• Morgan Stanley maintains an Equal-weight rating and hikes the target price to Rs 700 from Rs 625.

• Q3 was a good quarter, though sustainability remains key.

• Product-level margins were stable QoQ.

• VNB margins surprised positively, remaining stable despite the loss of input tax credit.

• Consistency in performance is key to driving a re-rating.

Jefferies on ICICI Pru Life

• Jefferies maintains a Buy rating and hikes the target price to Rs 820 from Rs 800.

• Higher margins in the December quarter led to earnings upgrades.

• GST was a drag, but the company offset this through a better product mix, a positive yield curve and cost controls.

• Persistency remains weaker and could lead to a slight negative variance in EV.

• Jefferies believes steady growth could aid a valuation re-rating.

• Investec maintains a Buy rating and hikes the target price to Rs 4,789 from Rs 4,248.

• The brokerage sees multiple growth triggers ahead.

• The view is premised on relatively inelastic jewellery demand.

• Strong growth is expected across jewellery segments.

• Profit contribution from subsidiaries is rising.

• Active management interventions to capture market opportunities are viewed positively.

• Kotak maintains an Add rating and hikes the target price to Rs 3,950 from Rs 3,675.

• Drivers are in place for sustained growth momentum.

• Domestic two-wheeler industry recovery and market share gains support the outlook.

• TVS holds leadership in electric two-wheelers.

• Network expansion is expected to drive growth in electric three-wheelers.

• Export demand trends remain strong.

• HSBC maintains a Hold rating and cuts the target price to Rs 3,900 from Rs 4,000.

• Q3 is expected to be decent, supported by execution and order backlog.

• Order inflows may decline due to a high base.

• Revenue growth should benefit from the existing order book.

• HSBC flags emerging macro concerns around capex both domestically and globally.

Morgan Stanley on ICICI Lombard

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 2,035.

• Q3 results were mixed.

• Adjusted PAT missed estimates due to an elevated combined ratio.

• Retail health premium growth remains strong, while motor insurance growth appears mixed.

• Sustained premium growth with market share gains is key, given valuation is not cheap.

• Competitive intensity in motor insurance remains high.

• A strong pickup in motor and health is expected in Q4FY26, aided by GST rate cuts.

Citi on ICICI Lombard

• Citi maintains a Sell rating and hikes the target price to Rs 1,760 from Rs 1,710.

• Adjusted PBT declined 4% YoY due to labour code-related impacts.

• Growth revived in Q3, but competitive intensity remains elevated.

• ICICI Lombard commands a scarcity premium due to its track record and lack of listed peers.

• The shift to IFRS, entry of new GI players and potential listings could drive de-rating.

• CLSA upgrades SBI Cards to Hold from Underperform with a target price of Rs 820.

• Asset quality recovery is expected to be offset by pressure on PPOP.

• Growth remains modest.

• NIMs are expected to decline from Q4FY26.

• Fee income faces pressure, with reward trimming partly offsetting the impact.

• Asset quality recovery is largely priced in, while PPOP pressure is not.

• CLSA maintains a High Conviction Outperform rating with a target price of Rs 565.

• Indus Towers is seen as a key beneficiary of Vodafone Idea’s revival.

• AGR relief should enable Vodafone Idea to raise funds, supporting tenancy growth.

• Indus benefits from rollout activity by its two key tenants.

• A strong balance sheet supports dividend payouts.

• VIL fund raising could drive 10–11% CAGR growth in core revenue and EBITDA.

• CLSA expects rising inflation in copper, aluminium, steel and precious metals to drive vehicle price hikes.

• Benign crude oil and natural rubber prices should cushion overall cost inflation.

• OEMs are expected to pass on price increases.

• If crude rises to $75/bbl, additional 100 bps price hikes may be required.

• Demand impact is expected to be limited as on-road prices remain below pre-GST cut levels.

• Citi initiates coverage on Angel One with a Buy rating and target price of Rs 3,215.

• Groww is also initiated with a Buy rating and target price of Rs 195.

• The brokerage views both as transformational plays evolving into one-stop financial platforms.

• Angel’s aggressive customer acquisition and business agility support a positive view.

• Groww’s niche leadership, customer-centric approach and lean cost structure are positives.

• Cross-sell potential is high for both platforms.

• Market volatility and regulatory risks remain near-term headwinds.

• Citi prefers Angel One over Groww due to stronger brand repositioning and valuation comfort.

• BofA expects earnings weakness to persist in Q3FY26, with Nifty earnings growth of around 5% YoY.

• Select sectors such as Cement, Industrials, Telecom and Autos are expected to post strong earnings growth of 29–40%.

• Near-term market sentiment is likely to remain weak.

• Beyond FY26, earnings cuts are expected to moderate with growth accelerating.

• BofA is overweight rate-sensitive and affluent consumption themes.

• Capex-led plays remain underweight.