Stock Picks Today: Suzlon, SBI, Tata Steel, Kalyan Jewellers And More On Brokerage Radar

Suzlon Energy Ltd., State Bank of India, Tata Steel Ltd., and Kalyan Jeweller Ltd. are among companies that have drawn commentary from top brokerages on Monday. Analysts have tweaked share price targets and future outlook after some of these companies announced their December quarter results.

Brokerages On Suzlon Energy

Morgan Stanley

• Downgrade to Equal-weight from Overweight; Cut TP to Rs 52 from Rs 78
• Headwinds – new order inflows & risk on execution
• See risk to order inflows as renewable bidding activity has been significantly lower in 9MFY26
• Execution challenges for the RE developers could pose a risk of slower offtake for Suzlon turbines

ALSO READ: Suzlon Share Price Crashes After Posting Q3 Results

Brokerages On Kalyan Jewellers

HSBC

• Maintain Buy; Cut TP to Rs 650 from Rs 690
• Strong operational performance
• Strong operating leverage-led beat with adj. EBITDA up 52% YoY
• Q4 demand trends remain strong
• Regional brand to be launched in Q4; debt flat QoQ but on track for FY26 guidance; land sale to conclude by H1FY27
• Performance strong but recent volatility leads to lower target multiple

Citi

• Maintain Buy, Cut TP to Rs 650 from Rs 750
• Promoters draw up plan to reduce pledge in next 6 months  
• Strong operating performance-procurement benefits and better studded mix 
• Non-core asset sale from H1FY27 
• Demand trends in Q4 continue to be strong  
• Management says further debt prepayment in Q4 
• Increase FY26-28E EPS by 2-15% 

ALSO READ: Stocks To Watch Today: Kalyan Jewellers, Tata Steel, SJVN, Ireda, Sula Vineyards

Brokerage On SBI

Jefferies

• Maintain Buy; Hike TP to Rs 1300 from Rs 1190
• Improved loan growth & leads peers on NII growth
• Loan and deposit growth may align sooner; fee growth upsides
• Asset quality stays strong

Bernstein

• Maintain Market-Perform with TP of Rs 1100
• Q3: A Solid beat with a 16% loan growth
• Loan growth materially outpacing the system growth and even that of the large private banks
• Non-interest income saw a sharp uptick, driven by higher other income
• Asset quality trends also strengthened
•  RoA comfortably above the 1% mark and RoE above 20%

Kotak Securities

• Maintain Buy; Hike TP to Rs 1250 from Rs 1100
• Execution that supports a higher valuation
• Strong operating profits drive earnings growth
• Engines humming smoothly, leading to superior execution & higher return ratios
• A steady climb up in the valuation multiple

ALSO READ: SBI Q3 Results: Net Profit Soars 24.5%, NII Up 9% YoY; Asset Quality Improves

Brokerages On Tata Steel

Jefferies

• Maintain Buy, TP at Rs 240 
• Modest Dec-Q, upward inflection ahead 
• Expect strong sequential improvement ahead 
• Rising steel prices and potential for Asian spreads to recover 
• EBIDTA expected to grow 24% QoQ in Marcg 
• Higher valuations justified for volume growth and improving ROE 

Morgan Stanley 

• Maintain Overweight, TP Rs 215 share 
• Standalone EBIDTA missed estimates on lower realizations 
• Cost savings-Achieved 93% of 9MFY26 plan 
• CBAM and Steel Action Plan will lift EU prices materially 
• UK-Management continues to engage with government to secure quota 

JPMorgan

• Maintain Overweight; Hike TP to Rs 221 from Rs 207
• Sturdy ship navigating into calmer waters
• TATA sees opportunity for EUR100/t increase over the full year, albeit gradually
• India business outlook remains steady
• UK policy support will be key to further investor confidence

HSBC

• Maintain Buy; Hike TP to Rs 235 from Rs 215
• Q3 a beat; while UK remains a drag, India, EU price hikes positive
• Profitability should improve into Q4FY26 and Q1FY27
• India Safeguard and EU CBAM are key medium-term positives
• Increase FY27-28e EPS by 5-10%

Investec

• Maintain Hold with TP of Rs 188
• To gain from sectoral tailwinds
• Operating metrics and cost efficiencies were encouraging
• Historically high cost capitalization - a variable that shouldn't be ignored
• For India, management indicates spreads have likely bottomed out until the expiry of safeguard measures
• In the UK, the path to breakeven remains dependent on government-imposed tariffs and quotas
• Netherland could experience an uptick following contract revisions after Q4 as per management

ALSO READ: Tata Steel Q3 Results: Net Profit Drops 13% To Rs 2,689 Crore, Margin Shrinks

CLSA On MRF

• Maintain Outperform; Hike TP to Rs 180560 from Rs 178536
• Strong operational performance
• Combination of 15% YoY revenue growth and eight quarter high margin
• Industry leadership and superior capital efficiency drive steady cashflows

Brokerages On Max Healthcare

Citi

• Maintain Buy, TP Rs 1500 
• Transient factors impact Q3-besides weak season 
• Gradual recovery ahead in next 2 quarters 
• EBIDTA accretion seen in brownfield capacities 
• Seasonal uplift, insurance volumes coming back 

Kotak Institutional Equity

• Maintain Reduce, TP at Rs 1020/share 
• Subdued performance was on expected lines 
• Disruption  in cashless insurance services impact 
• Despite higher brownfield, Delhi NCR skew exposes Max to potential slip-ups 
• Distinct possibility of higher doctor churn in existing facilities 
• Lowed FY26028E EBIDTA by 5-12% 

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