Defence sector, IndusInd Bank Ltd., and Piramal Pharmaceuticals Ltd. were among the top companies on brokerages' radar on Friday.According to Jefferies, focus on defence indigenisation since financial year 2014 has driven most Indian defence companies to achieve double-digit revenue growth.Jefferies added Ambuja Cement Ltd. and Bharat Electronics Ltd. to its model portfolio, trimming Shriram Finance Ltd. and Coal India Ltd.NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Friday.Jefferies On Defence SectorJefferies notes that the focus on defence indigenisation since fiscal 2014 has driven most Indian defence companies to achieve double-digit revenue growth.Prime Minister Modi's praise for 'Made in India' defence equipment during recent India-Pakistan tensions highlights a continued emphasis on domestic manufacturing.India remains committed to enhancing its global image in the defence sector.Most fourth quarter results from defence companies have been strong so far.The global defence theme supports additional upside, complementing the strong order book visibility of domestic firms.Hindustan Aeronautics and Data Patterns are Jefferies' top picks, followed by Bharat Electronics.HAL, Data Patterns, and BEL will likely see double-digit EPS CAGR over the medium term, supported by robust order books and healthy ROE/ROCE, according to Jefferies.Market Cap Of Defence Stocks Rises Rs 1 Lakh Crore Since Pahalgam AttackBrokerages On IndusInd BankInvestecInvestec downgraded IndusInd Bank to 'sell' from 'hold', and cut the target price to Rs 650 from Rs 700.The firm cites potential structural impairment in the bank's core operating profitability.A lack of clarity in leadership further adds to the uncertainty.Investec advises caution due to heightened operational and strategic risks.Morgan StanleyMaintained an 'equal-weight' rating with a target price of Rs 755.The bank revealed inflated MFI interest income, which may cause an annualised hit of Rs 900 crore to financial year 2025 earnings.This development poses significant downside risk to earnings estimates for fiscal 2025, fiscal 2026, and fiscal 2027.Financial year 2026 and 2027 earnings could face downgrades of 15–20%.MacquarieMacquarie maintained an 'outperform' rating with a target price of Rs 1,210.Highlighted another discrepancy, placing governance under scrutiny.Questions arise about the timing of the disclosure and its implications.Macquarie expects the bank to focus on clarifying management succession in the near-to-medium term.Key areas to monitor include succession planning, credit costs, margins, governance, and disclosure quality.IndusInd Bank Finds More Discrepancies In Internal Audits, Reveals Whistleblower ComplaintGoldman Sachs On Piramal PharmaGoldman Sachs maintained a 'buy' rating, but lowered the target price to Rs 265 from Rs 275.Fourth quarter results were in line with expectations.A recovery is expected in financial year 2027 after a slower fiscal 2026.Fiscal 2027–28 EPS estimates have been cut by 2–6% following updated management guidance.The company reiterated its goal of achieving $2 billion in revenue and a 25% Ebitda margin by financial year 2030.Stock Market Today: All You Need To Know Going Into Trade On May 16Jefferies – India StrategyJefferies finds current valuations unfavourable, noting the MSCI India PE at 23 times, which seems high relative to the 11–12% EPS CAGR expected for fiscal 2025–2027.There remains downside risk to earnings, but capital flows (both domestic and foreign) are a bright spot.These flows are supportive of upcoming equity supply, though they may cap market upside.Jefferies added Ambuja Cement and BEL to its model portfolio, trimming Shriram Finance and Coal India.CLSA Price Action – Laurence BalancoThe Nifty 50 remains resilient, sustaining a breakout above its 200-day moving average, suggesting an upside target of 26,333.The 50DMA remained critical support to maintain a bullish trend.The NSE Midcap cleared its 200DMA resistance, targeting 60,300.The NSE Smallcap rebounded off its 50DMA, with an upside target of 19,520; a break above the 200DMA at 17,735 would reinforce the bullish case.However, the Smallcap index remains below its 200DMA and needs further strength to regain leadership.Apple's Manufacturing Plans For India To Continue On Growth Path: SourcesMorgan Stanley On PB FintechMorgan Stanley maintained an 'underweight' rating with a target price of Rs 1,130.Fourth quarter Ebitda was in line, but core new business premium growth slowed significantly to 21%.The high valuation underpins the underweight stance.Anticipates moderating premium growth in financial year 2026, due to a high base effect, which could dampen investor enthusiasm.CLSA On Crompton ConsumerCLSA maintained an 'outperform' rating and raised the target price to Rs 410 from Rs 405.The quarter was marked by a margin-led beat and early signs of benefits from the company's revamped strategy.Lighting segment growth remained muted due to industry-wide price erosion.The Electrical Consumer Durables segment benefited from strong performance in pumps and appliances.Crompton announced its entry into rooftop solar and a new capex plan to enhance manufacturing capabilities.Jefferies On V-GuardJefferies maintained a 'buy' rating, but cut the target price to Rs 480 from Rs 485.The company delivered a healthy performance and turned debt-free.Growth was led by pre-seasonal channel stocking of cooling products.Despite a slight fourth quarter beat, financial year 2026–27 EPS estimates were cut by 5–7% due to weak April 2025 sales in summer products.Jefferies still expects a 20% EPS CAGR over financial year 2025–28.Stock Market Live: GIFT Nifty Implies Negative Open; JSW Energy, LT Foods, Godrej Industries Shares In FocusDisclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.