Stock Picks Today: Infosys, Groww, L&T And More On Brokerages' Radar

A host of global brokerages have released fresh views on Infosys, HDFC Life, Bajaj Finance, Larsen & Toubro, Groww, Meesho, Shriram Finance, HDFC AMC, 360 ONE, Cipla, United Spirits and several consumer and financial names ahead of the upcoming session.

They have also shared broader commentary on India's technology spending outlook, CIO budget trends, specialty chemicals, wealth and asset management, NBFC risk-reward, insurance growth, and evolving consumer demand, alongside strategic views on India's earnings cycle, sector leadership, and medium-term growth trajectory.

Morgan Stanley on India Technology – 4Q25 CIO Survey

• Morgan Stanley flags a mild downtick in 2026 IT budget growth expectations.
• 2026 budget growth expectations eased to +3.4% from +3.5% in 2025.
• Growth expectations remain above the five-year average of +3.4% and in line with the ten-year average of +3.5%.
• QoQ growth expectations declined across Communications, Hardware, and IT Services.
• Software saw a relatively muted downward revision.
• US IT budgets decelerated to 2.1% growth for 2026, while EU budgets saw modest acceleration.
• Manufacturing, Financials, and Healthcare verticals saw downward revisions.
• Technology, Services, Retail, and Energy partly offset the weakness.
• 2027 revenue growth expectations remain intact.
• Any cuts to revenue growth expectations could pressure valuation multiples.

Citi on Larsen & Toubro

• Citi maintains a Buy rating with a target price of Rs 4,810.
• The brokerage highlights debates around the capex cycle, competition, and commodity trends.
• Despite capex volatility, Citi sees limited risk to FY26 order inflows.
• L&T remains well positioned to capture evolving infrastructure and industrial trends.
• EBITDA growth of around 20% YoY is expected in 2HFY26, supported by a strong backlog.
• An L31 announcement is expected post Q4 results.
• Citi estimates a bid win rate of ~16% in 2H to achieve 14% YoY order growth.

Nuvama on Specialty Chemicals

• Nuvama expects a gradual and slow recovery, warranting a selective approach.
• Deepak Nitrite, Himadri Specialty Chemicals, PCBL, Thirumalai Chemicals, and Navin Fluorine have been top performers.
• Europe's share of global chemical sales continues to contract.
• The European chemical industry remains under significant stress.
• Key risks include structural overcapacity in China, elevated feedstock prices, weak Western demand, and low R&D intensity.

Morgan Stanley on Meesho

• Morgan Stanley initiates coverage with an Equal-weight rating and a target price of Rs 169.
• The brokerage views Meesho as operating at scale and speed.
• Competition in the value-commerce space is seen as limited.
• Meesho is expected to be among the fastest-growing players in India's goods retailing space.
• NMV CAGR of 26% is forecast over FY26–28.
• Downside risks include NMV deceleration in 2HFY26 and higher EBITDA losses.
• Upside risks include faster NMV growth and earlier-than-expected EBITDA breakeven.

Brokerages on Groww

Jefferies on Groww

• Jefferies maintains a Buy rating and hikes the target price to Rs 195 from Rs 190.
• New ventures ramped up faster than expected in the December 2025 quarter.
• Commodities and margin trading facilities outperformed expectations.
• Operating leverage kept opex growth at 14% YoY.
• New businesses are expected to be key contributors to future growth.
• Jefferies estimates new businesses could contribute 22% of FY28 revenues.
• FY26–28 EPS estimates are raised by 1–4%.

Citi on Groww

• Citi maintains a Buy rating with a target price of Rs 195.
• Q3 performance was solid with market share gains across segments.
• Momentum is visible in margin trading, new segments, and broking activity.
• Market share gains are sustained across categories.
• Wealth scale-up and product diversification continue.

Brokerages on HDFC AMC

Jefferies on HDFC AMC

• Jefferies maintains a Buy rating with a revised target price of Rs 3,120.
• Earnings came in marginally ahead of expectations.
• Market share remained stable, though softer in liquid funds.
• PMS and AIF ramp-up should support profitability.
• Core revenue growth slowed slightly due to net yield compression.
• Jefferies expects 20% AUM CAGR over FY26–28.
• Estimates trimmed by ~4% to reflect TER cap impact.

Bernstein on HDFC AMC

• Bernstein maintains an Outperform rating with a target price of Rs 3,000.
• Operating growth remains healthy, aided by treasury gains.
• Other income growth and softer opex supported earnings.
• Regulatory revenue impact is seen as manageable.

Brokerages on 360 ONE

Jefferies on 360 ONE

• Jefferies maintains a Buy rating with a target price of Rs 1,410.
• Stronger net flows supported ARR AUM growth of 31% YoY.
• Carry income and UHNI RM team expansion aided profitability.
• Flows and carry income are expected to normalise.
• Jefferies expects 20% CAGR in core profits over FY26–28.

Citi on 360 ONE

• Citi maintains a Buy rating and hikes the target price to Rs 1,700.
• Flows and carry income remained exceptionally strong.
• Productivity gains are expected to play out gradually.
• Re-rating potential is viewed as high.

Bernstein on Anand Rathi Wealth

• Bernstein maintains a Market-Perform rating with a target price of Rs 3,280.
• Q3FY26 was a strong operating quarter with continued MLD momentum.
• Net flows remained resilient despite attrition.
• Revenue and PAT growth benefited from operating leverage.

Brokerages on Infosys

Jefferies on Infosys

• Jefferies maintains a Buy rating and hikes the target price to Rs 1,880.
• Revenue growth was broad-based, led by Europe.
• Life sciences drove growth due to early NHS deal ramp-up.
• FS and Energy & Utilities are expected to accelerate in FY27.
• FY26/FY27 constant currency growth is expected at ~3% and ~5%.

Macquarie on Infosys

• Macquarie maintains a Neutral rating with a target price of Rs 1,560.
• Margins missed consensus excluding one-offs.
• North America revenue could see another decline.
• Macquarie prefers HCL Tech and TCS over Infosys.

Citi on Infosys

• Citi maintains a Neutral rating with a target price of Rs 1,700.
• Q3 performance was decent, though North America growth remains muted.
• Healthcare-led growth was driven by the NHS deal.
• Margins benefited from one-offs.

BofA on Infosys

• BofA reiterates a Buy rating with a target price of Rs 1,840.
• Discretionary spend is improving in select verticals.
• Financial services and utilities outlook is stronger.
• Margins are expected to remain steady.

Morgan Stanley on Infosys

• Morgan Stanley maintains an Equal-weight rating and hikes the target price to Rs 1,760.
• Midpoint of FY26 guidance implies the strongest Q4 in four years.
• FY27 revenue growth estimate raised to 5.4%.
• INFY's valuation discount to HCL Tech could narrow.

Brokerages on Bajaj Finance

CLSA on Bajaj Finance

• CLSA maintains an Outperform rating with a target price of Rs 1,200.
• The stock is viewed as a top NBFC pick.
• AUM growth drag is expected to reverse.
• Core margins are expected to stabilise.
• ROE remains among the highest in BFSI.

Bernstein on Bajaj Finance

• Bernstein maintains an Underperform rating with a target price of Rs 750.
• Structurally higher credit costs and pricing pressure persist.
• Growth runway constraints are emerging.
• EPS growth is expected to slow below 20%.

Morgan Stanley on Shriram Finance

• Morgan Stanley maintains an Overweight rating and hikes the target price to Rs 1,325.
• Proposed MUFG stake acquisition could drive structural gains.
• The brokerage expects multi-year EPS CAGR expansion.
• Risk-reward is viewed as attractive over the long term.

UBS on Union Bank

• UBS maintains a Neutral rating and hikes the target price to Rs 195.
• Margins expanded sequentially in Q3.
• Loan growth picked up.

Brokerages on HDFC Life

Morgan Stanley on HDFC Life

• Morgan Stanley maintains an Overweight rating with a target price of Rs 875.
• VNB beat expectations; Q4 APE growth will be key.
• Margins improved on better product mix.
• Persistency concerns remain in focus.

Jefferies on HDFC Life

• Jefferies maintains a Buy rating with a target price of Rs 900.
• GST cut dragged margins in the December quarter.
• Management expects margin normalisation by Q1FY27.
• Retail protection growth remains strong.

Citi on HDFC Life

• Citi maintains a Buy rating and hikes the target price to Rs 1,020.
• Growth trajectory remains intact.
• Persistency-led negative variance is negligible.

Nomura on United Spirits

• Nomura initiates coverage with a Buy rating and a target price of Rs 1,650.
• The company is at the cusp of an upcycle.
• Premiumisation offers strong medium-term growth potential.
• Regulatory easing provides tailwinds.
• Valuations are below the ten-year average.

JPMorgan on LG India

• JPMorgan maintains an Overweight rating with a target price of Rs 1,765.
• FY27 outlook appears better.
• Pricing is expected to trend upward.
• Premiumisation remains a key driver.

Investec on Consumer Durable Retailers

• Investec initiates Buy ratings on Aditya Vision (TP Rs 675) and Electronics Mart (TP Rs 125).
• Modern trade retailers are outgrowing brands.
• Market share gains are expected from general trade and easing e-commerce aggression.

Investec on Angel One

• Investec maintains a Buy rating with a target price of Rs 2,850.
• Q3 PAT beat was driven by better realisation and distribution income.
• Digital model continues to drive operating leverage.

Morgan Stanley on L&T Technology Services

• Morgan Stanley maintains an Equal-weight rating and cuts the target price to Rs 4,420.
• Portfolio pruning is moderating growth expectations.
• Margin improvement pace is expected to pick up.

Morgan Stanley on Cipla

• Morgan Stanley maintains an Underweight rating with a target price of Rs 1,292.
• Lanreotide supply disruption is an added headwind.
• Q4FY26 earnings likely to remain weak.

Jefferies on Emmvee Photovoltaic

• Jefferies maintains a Buy rating with a target price of Rs 320.
• Order book rose 84% QoQ.
• Revenue and EBITDA visibility is strong through FY27–28.
• The company is net debt-free.

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