Stock Picks Today: SBI, Maruti, Cohance Lifesciences, Paytm, Axis Bank, L&T Finance On Brokerages' Radar

State Bank of India, L&T Finance Ltd., Cohance Lifesciences Ltd., One97 Communications Ltd., Axis Bank Ltd., Bank of Baroda Ltd., Maruti Suzuki India Ltd., and Indian Hotel Ltd., are among the companies garnering brokerage commentary today.

Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms. Here are the key analyst calls to watch out for today:

Morgan Stanley

• Maintain Equal-weight with target price of Rs 885

• Reiterated loan growth of 11-12% in FY26

• FY26 NIM exit guidance of ~3% supported by deposit repricing and the impact of the CRR rate cut in H2

• Asset quality continues to remain robust

Morgan Stanley

• Maintain Underweight with target price of Rs 143

• Management indicated higher MFI collections of ~99.5% in August

• It accelerated MFI disbursements to Rs 2000 cr per month in July-August 2025

• It reiterated overall FY26 credit cost guidance of 2.4-2.5%

• Expects exit-FY27 credit costs closer to 2.0%

• Reiterated retail loan growth guidance of 20-22% YoY in FY26; expects H2to be significantly better

Goldman Sachs

• Maintain Buy with target price of Rs 1,075

• Inventory de-stock impacting CDMO

• Received interest from 1 large US-based customer that submitted around c.18 RFPs over the last two months

• Looking for targets with unique capabilities

• Aspire to triple its revenues by FY30; from $335mn in FY25 to $1bn in FY30

• Aims mid-30% Ebitda margins, with > 80% of the revenues coming from CDMO

BofA

• Maintain Neutral; Hike target price to Rs 1,290 from Rs 1,160

• Business momentum stable; still room to cut costs

• Payments/Soundbox strong; Lending still a bit soft

• Regulatory concerns behind; Scale-up of AI may surprise

• Revenue growth key to sustain further re-rating

Morgan Stanley

• Maintain Overweight with target price of Rs 2,250

• Management was optimistic on growth trends improving following GST rate reforms

• Expects growth of 13-14% in APE in FY26 and maintained VNB margin guidance of 26-28%

• Expects to absorb the impact of ITC withdrawal in the near term while maintaining VNB margin in its guided range

Morgan Stanley

• Maintain Overweight with target price of Rs 1,325

• Bank highlighted improving traction in deposit growth

• Reiterated its guidance of gradual acceleration in loan growth to above system levels in FY26

• Reiterated continued moderation in NIM for Q2; expects NIM to recover to 3.8% once the deposits reprice with a lag

Morgan Stanley

• Maintain Underweight with target price of Rs 235

• Guided for deposit growth of 9–11% and loan growth of 10–12% in FY26

• Expects NIMs to decline 7-8 bps in Q2 and improve thereafter

• Bank continues to see robust trends and expects to outperform its slippages guidance and credit cost guidance

Citi

• Hero Moto – Maintain Buy; Hike target price to Rs 6,100 from Rs 5,200

• Eicher – Maintain Buy; Hike target price to Rs 7,850 from Rs 6,300

• Bajaj Auto – Maintain Sell; Hike target price to Rs 7,900 from Rs 7,300

• TVS Motor – Maintain Sell; Hike target price to Rs 2,800 from Rs 2,100

• Impact of multiple macro tailwinds for 2Ws > PVs

• Hero: Most exposed to domestic entry level bikes

• Eicher: RE’s thump continues

• TVS: Valuations price in the strong performance thus far

• Bajaj: Market share concerns remain

Morgan Stanley

• Maintain Overweight with target price of Rs 18,360

• Return of First-time Buyer

• In emerging markets, first-time buyers should ideally be a key car growth driver

• Maruti is working to revive that segment

• Assuming aggressive discounts in entry models abates, and volumes return, then financial impact will be neutral to positive

• Sustained market share wins from Maruti can support multiple re-rating

Jefferies

• Maintain Buy with target price of Rs 1,300

• Management reinforced confidence in its journey to raise capacity 3.5x from 14 GW in FY25 to 50 GW by 2030

• Improving net debt: Ebitda trends also remain underway

• Estimate 4.5 GW addition in FY26E and 6.3 GW in FY27E

• Guidance of 5 GW addition in FY26E was reiterated, which gives upside scope to our estimates if achieved

• Valuations are at a 63% discount to their Jan. 2023 peak 1-yr forward EV/Ebitda which creates room for upside on execution

Morgan Stanley

• Maintain Underweight with target price of Rs 165

• Continues to target loan growth in the low double digits

• Hesitant to accelerate growth amid unclear macro and elevated competitive intensity

• Bank reiterated NIM decline of 5-10 bps sequentially

• Remains confident of sustained strong fee income growth

Macquarie

• Maintain Neutral with target price of Rs 780

• Potential sale of Pierre should increase margins and reduce complexity

• View the potential exit from The Pierre as strategically sensible

Jefferies

• Maintain Buy with target price of Rs 4,855

• Retail sales mix to remain at 50%+ given the housing upcycle

• Management targets exports to rise to 17-20% of sales vs 13%

• Power transmission cables has upside surprise scope

• Trading at 46x PE FY26E and 37x FY27E for 25% EPS CAGR

Morgan Stanley

• Maintain Equal-weight with target price of Rs 282

• Expects fee income momentum to continue

• Sees a further 10-20 bps potential for improvement in fee income

• Expects reported NIM to approach 7% Vs 6.7% in Q1

• Management guided for cost-to-assets of 2.5-2.8%

• Stage 3 PCR is unlikely to cross 54% but refrained from guiding on how low it can go

• Guided for loan mix diversification over 3-4 years

Morgan Stanley

• Maintain Underweight with target price of Rs 175

• Reiterated loan growth guidance of around 14–16% YoY in FY26

• Sounded confident of improving its slippages and credit costs over the next few quarters

• No immediate plans for raising capital but may consider it if timing/market conditions are favorable