We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
HSBC on VRL Logistics: Buy| Target Rs 800
HSBC maintained a buy rating on VRL Logistics with a target price of Rs 800. The global investment bank sees an EBITDA margin expanding by 130 bps to 17% in FY24.
“The branch network expansion and tailwinds from industry formalization are likely to aid FY24 growth,” the brokerage said.
“It sees strong double-digit volume growth, which is a positive sign for the company,” it added.
Macquarie on NYKAA: Unerperform| Target Rs 115
Macquarie maintained an underperform rating on Nykaa with a target price of Rs 115.The global investment bank liked the company’s focus on driving market-leading GMV growth across beauty/fashion.
It also likes its target of steady margin expansion from leverage gains.
“The Company was evasive on losses in fashion/beauty distribution businesses remaining at FY23 levels citing focus on growth needs,” it added.
Antique on Titagarh Wagons: Initiate Buy| Target Rs 694
Antique initiated a buy rating on Titagarh Wagons with a target price of Rs 694. The brokerage firm sees the company as a jewel in the making.
“The company has created a manufacturing set- up, which is difficult to replicate. It has the capacity to grow its turnover to over Rs 9000-10,000 cr over the next five years,” it said.
The global investment bank expects an earnings CAGR of 53% over FY23- 26 and generates an average RoE of +25%.
“The stock is cheap and does not capture long-term growth potential,” it added.
Citigroup on India Gas: Buy MGL| Target Rs 1210
Citigroup initiated a pair trade on MGL and Gujarat Gas. Investors can go overweight on MGL and underweight on Gujarat Gas.
“Gujarat Gas outperformed both MGL and IGL by 10-13% over the past few weeks. For Gujarat Gas, the favourable propane-to-gas economics is reversing again,” it saud.
“Asian spot LNG prices have moved higher from~$9/mmbtu to ~$13/mmbtu levels, while propane prices have fallen from $555/T to $450/T. MGL should benefit from a sanguine margin outlook and favourable base effect for volumes. MGL trades at 10x FY25E P/E Vs Gujarat Gas at 18x,” it added.
The global investment bank maintained a buy rating with a target price of Rs 1,210. The global investment bank maintained a neutral rating on Gujarat Gas with a target price of Rs 530.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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