HSBC has a ‘hold’ rating on L&T with a target price of Rs 3,600. Analysts said strong Jan-March quarterly numbers are expected from L&T, driven mainly by plant & machinery that is expected to offset weakness in its services revenues. For FY26 it has given guidance of 7–10% in order inflow growth, a more than 15% revenue growth and 30–40 basis points (100 basis points = 1 percentage point) EBITDA margin expansion in plant & machinery division.
Citigroup has given a ‘buy (high risk)’ call on Vodafone Idea with a target price of Rs 12. Analysts said that following the govt's decision to convert Rs 3,700 crore spectrum dues to equity, 49% of the company is owned by the govt. ICRA recently upgraded the company to Investment Grade (BBB-), supporting its efforts to raise debt from banks. The analysts remain positive on VI and Indus Towers.
Jefferies has initiated its coverage of Ajanta Pharma with a ‘buy’ rating and a target price at Rs 2,850. Analysts said Ajanta Pharma earns 70% of its revenue from the high-entry-barrier branded generic market. A strong geographical mix, focused strategy and solid execution have driven consistent double-digit growth and strong free cash flow. Analysts forecast a 19% net profit CAGR over FY25–27.
Elara retained its ‘sell’ recommendation on Orient Cement with a target price of Rs 225. Analysts expect decline in stock price post the open offer. So investors should sell to avoid loss of rejected shares. If one assumes full participation in the open offer, the estimated rejection ratio stands at about 51%. The company has significant exposure to the oversupplied South Indian market which could remain a long-term overhang.
Global brokerages on gold
Two global brokerages have raised their year-end price target for gold. Global financial powerhouse Goldman Sachs raised its gold price forecast to $3,700-per-ounce while the Swiss financial major has a price target of $3,500. Goldman Sachs analysts said investors should hedge recession risk with gold. They saw stronger-than-expected central bank demand and the boost from increased recession risk to ETF inflows for gold. UBS analysts said they see the need to diversify into safer havens like gold given global trade, economic and geopolitical relationships. They expect gold's rally to extend into next year and for prices to stabilise at higher levels further out.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerages and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
Citigroup has given a ‘buy (high risk)’ call on Vodafone Idea with a target price of Rs 12. Analysts said that following the govt's decision to convert Rs 3,700 crore spectrum dues to equity, 49% of the company is owned by the govt. ICRA recently upgraded the company to Investment Grade (BBB-), supporting its efforts to raise debt from banks. The analysts remain positive on VI and Indus Towers.
Jefferies has initiated its coverage of Ajanta Pharma with a ‘buy’ rating and a target price at Rs 2,850. Analysts said Ajanta Pharma earns 70% of its revenue from the high-entry-barrier branded generic market. A strong geographical mix, focused strategy and solid execution have driven consistent double-digit growth and strong free cash flow. Analysts forecast a 19% net profit CAGR over FY25–27.
Elara retained its ‘sell’ recommendation on Orient Cement with a target price of Rs 225. Analysts expect decline in stock price post the open offer. So investors should sell to avoid loss of rejected shares. If one assumes full participation in the open offer, the estimated rejection ratio stands at about 51%. The company has significant exposure to the oversupplied South Indian market which could remain a long-term overhang.
Global brokerages on gold
Two global brokerages have raised their year-end price target for gold. Global financial powerhouse Goldman Sachs raised its gold price forecast to $3,700-per-ounce while the Swiss financial major has a price target of $3,500. Goldman Sachs analysts said investors should hedge recession risk with gold. They saw stronger-than-expected central bank demand and the boost from increased recession risk to ETF inflows for gold. UBS analysts said they see the need to diversify into safer havens like gold given global trade, economic and geopolitical relationships. They expect gold's rally to extend into next year and for prices to stabilise at higher levels further out.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerages and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
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