Stock Picks Today: Trent, Bank Of India, IndiGo, LTIMindtree On Brokerages' Radar

Trent Ltd., Bank of India Ltd., Interglobe Aviation Ltd., Bank Of Baroda Ltd., LTIMindtree 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:

Goldman Sachs

• Maintain neutral; Cut target price to Rs 5,300 from Rs 5,600

• Slowdown in sales growth could also be due to lower sales throughput of stores in new tier 2+ cities

• Lower FY26-28 EPS estimates by 5%, largely driven by a cut in sales growth estimates

UBS

• Maintain buy with target price of Rs 6,200

• Q2 growth at 17% yoy, a weakening trend after a lacklustre 20% growth in Q1

• This has been a weakening trend from Q4FY25 onwards, reflected in stock price weakness too

• See this as a cyclically weak phase for this high growth company

• Growth acceleration going forward could serve as a key catalyst

Morgan Stanley

• Maintain overweight with target price of Rs 6,359

• Q2: Notable miss

• Standalone revenues grew 17% year-on-year, lower than MS estimate of a 25% rise

• Westside had 13 net new store openings, the highest in the past five years

• Expect standalone Ebitda margin to improve 165 bps YoY to 17.5% in Q2

Equirus

• Downgrade to reduce from add; Cut target price to Rs 4,474 from Rs 5,759

• Premium to fade as growth moderates

• Signs of growth fatigue have since emerged

• Q2 is poised to be the fifth consecutive quarter of sequential moderation in topline growth

• Standalone revenue growth of 17% in Q2 marks its lowest performance in the past 18 quarters

• In the quarter where peers (VMART, V2 etc.) have done well, TRENT disappointed with growth moderation

• Street’s expectation of a 26% topline CAGR over FY25–27E appears increasingly unachievable

• Against the backdrop of earnings downgrades and visible growth moderation, foresee valuation multiple compression ahead

Morgan Stanley

• Maintain underweight with target price of Rs 110

• Q2 Initial update: Strong quarter

• Domestic loan growth was strong at 5.6% QoQ compared to 0.3% QoQ in the prior quarter

Citi

• Maintain buy with target price of Rs 7,100

• Demand outlook remains positive for the industry, with moderation in Q2

• Moderation owing more to lower supply rather than weak demand

• IndiGo is focusing on international routes (including long-haul)

• Domestic market share remains stable

• Aim is to connect even smaller cities to the international network

• Also plans to tilt towards full ownership/ finance leasing of planes rather than only operating leases

• Cost optimisation remains an important part of IndiGo’s strategy

Jefferies

• Per media reports, Eli Lilly has announced plans to invest $1 billion to build contract manufacturing plants and a quality assurance center in Hyderabad

• Additionally, Roche has committed $1.9 billion to India over five years under the EFTA trade pact

• These core pharma investments contrast with past GCC-focused tech setups

• Expect these investments to strengthen India’s growing CRDMO presence

• Driving 6-8% incremental growth in the sector over the next seven years

Kotak Securities

• Maintain reduce with target price of Rs 5,000

• Announced its largest-ever digital transformation deal (>US$450 mn) with a global entertainment leader

• The deal has a balance between renewal and new component

• New CEO’s sales execution rigor is driving a good conversion of pipeline into deals

• Company is well-placed to accelerate growth in the challenging environment over the coming quarters

• However, this is already captured in an expensive valuation

Macquarie

• Q2: A tough quarter again across the board

• Banks face two issues this quarter

• Sharp margin compression and weak loan growth

• YES Bank stake sale could provide some cushion

• Credit costs to remain elevated

• Earnings growth for most banks will remain pretty muted and in some cases may decline

Tactical pair trades for Q2FY26:

1) Long HDFC/ICICI; short IndusInd

2) Long PFC/REC; short M&M Finance

3) Long AB Capital; short SBI Cards

Goldman Sachs

• Maintain neutral; Cut target price to Rs 2,220 from Rs 2,250

• NSE has become aggressive in getting back lost market share from BSE

• Lot size reduction brings the contract sizes of BSE’s Sensex and NSE’s Nifty 50 closer

• Thereby narrowing BSE’s advantage of lower traded premium per contract on index options

• Relative size of BSE’s contract has a bearing on its options market share

• Since BSE has not announced any change in lot size, its relative advantage of a lower contract size would be somewhat lost

• Extending the market share gain trajectory for BSE to reach the 40% level from Jul’26 to Mar’27

BofA

• Q2 – NIM bottom likely pushed out to early FY27

• Expect another round of EPS cuts around the results season as consensus catches up

• HDFC, ICICI results likely to standout

• See relatively defensive earnings and guidance from HDFC and ICICI

• They also have the least asset quality risks

• See better risk reward near term in big pvt banks

• HDFC and ICICI are looking quite attractive from a relative valuation perspective

• HDFC Bank – Maintain Buy with target price of Rs 1,175

• ICICI Bank – Maintain Buy; Hike target price to Rs 1,850 from Rs 1,750

Jefferies

• Potential overcapacity a key investor concern

• Current balance sheet strength allows a max 32,000 new bed addition, implies 7% Cagr over 5 years

• Addition of 32,000 new beds may not be enough to cater to ongoing demand

• Capacity not equal to operational beds

• Optically high bed density does not indicate overcapacity

• India far away from saturation

• Believe Max is at next inflection point of accelerated growth