We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Macquarie on HDFC Bank: Outperform| Target Rs 2075
Macquarie maintained an outperform rating on HDFC Bank with a target price of Rs 2075. The private sector bank is on the right track for consolidation.
It is bringing down loan growth and is focused more on the net interest margins (NIMs). “In our view, HDFC Bank needs to grow its deposits 400bps higher than loans over the next three years to get back to the pre-merger NIMs,” said the note.
“4-5% downside to our numbers if assumed 13% loan growth for the next couple of years and deposit growth of 17-18%,” the note added.
The global investment bank is of the view that it will take another couple of quarters before one can see NIM improvement and core PPOP growth.
CLSA on SBI Life: Buy| Target Rs 1730
CLSA maintained a buy rating on SBI Life but raised the target price to Rs 1730 from Rs 1620 earlier.The commission was up 25% on a YoY basis versus 74%-94% for the peer group. There is a limited impact of surrender value regulations as per management.
The competition is set to rise but SBI’s wide presence gives it an advantage. APE growth and margin outlook are the best in the industry.
SBI Life is CLSA’s top pick in the insurance sector.
CLSA on Dalmia Bharat: Buy| Target Rs 2700
CLSA upgraded Dalmia Bharat to buy from outperform earlier and has also raised the target price to Rs 2700 from Rs 2680 earlier.
The Q3 Ebitda was largely in line with estimates and the profitability is also in line. The stock is upgraded to a buy post-under-performance.
Nomura on IOC: Neutral| Target Rs 105
Nomura maintained a neutral rating on IOC with a target price of Rs 105. The Q3 results were well above our and Street estimates on significant inventory gains.
The auto fuel price cuts were key to watch out for. Rising refining spreads mean room for price cuts has fallen sharply.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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