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Brokerages are out with their commentary on several stocks and sectors after their corporate announcements and quarterly results. Here's a quick look at the highlights of the top notes.
Brokerages On Adani Ports
Investec
- Maintain Buy; Hike target price to Rs 1,850 from Rs 1,770.
- Slight EBITDA beat; a steady quarter.
- Raise FY26E EBITDA guidance, largely on NQXT acquisition.
- Multiple port expansion underway.
- Trade deals with EU/USA should boost cargo growth in the medium-to-long run.
Morgan Stanley
- Maintain Overweight with TP of Rs 1,661.
- Q3: Operationally in-line.
- Guidance reiterated: Volume: 505-515MMT.
- Upped revenue guidance to Rs 380,00 crore vs Rs 36,000-38,000 crore.
- Upped EBITDA guidance to Rs 22,800 crore vs Rs 21,000-22,000 crore.
Brokerages On Varun Beverages
Jefferies
- Maintain Buy; Cut TP to Rs 550 from Rs 610.
- Good Volumes but Concerns on Realisation - Upcoming Season Holds the Key.
- Mgmt blamed this on higher discounts in the market, which raises some concern on the competition.
- Ngmt is confident on retaining margins.
- Expects a strong CY26 on hope of a normal summer.
Citi
- Maintain Buy; Cut TP to Rs 575 from Rs 675.
- Volume Growth Outlook Positive; Monitor Pricing Headwinds.
- India: Strong volume rebound but realisation weakness an overhang.
- International business: Continues to scale well.
- Q1 faces a high base, Q2-Q3 trajectory will be critical for stock performance.
Morgan Stanley
- Maintain Overweight; Cut TP to Rs 522 from Rs 600.
- Near-term earnings estimate cuts.
- See impact of lower Indian growth on medium-term estimates.
Jefferies on RIL
- Maintain Buy; Hike TP to Rs 1,820 from Rs 1,795.
- Looking beyond the current pessimism.
- Current market cap implies EV of $40 bn for Retail+ FMCG, pessimistic in our view.
- Valuation in the last funding round was $106 billion.
- Stock is trading below long term average valuations from where it has rebounded 5 times in past 5 years.
- Progress with Jio's IPO, a likely tariff hike, recovery in Retail growth and likely value discovery in FMCG are key triggers.
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