Hot Stocks: Brokerages on Bajaj Auto, Nestle India, HDFC AMC and Apollo Hospitals

Kotak Institutional Equities has an add rating on Nestle India and HDFC AMC post March quarter results.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

JPMorgan on Bajaj Auto: Overweight | Target Rs 5,150

JPMorgan maintained an overweight rating on Bajaj Auto with a target price of Rs 5150. “Export wholesales have trailed retail for 15 months. The EV volume momentum can be a re-rating trigger,” said the note.

The global investment bank reiterates an overweight rating on the stock.

It raised FY24-25E EPS by 4-5% to factor the margin beat, and increased valuation multiple to 18x P/E (vs. 16x).Motilal Oswal on Apollo Hospitals: Buy | Target Rs 5,580

Motilal Oswal maintained a buy rating on Apollo Hospitals with a target price of Rs 5580. The domestic brokerage firm expects a 20%/27% sales/EBITDA CAGR over FY23-25 for APHS.

“We met with Ms. Sunita Reddy, MD, Apollo Hospitals (APHS), to understand the company’s business outlook in detail,” said the note.

“Ms. Reddy has reiterated the company’s commitment to reducing the losses in Healthco to zero by 4QFY24, thereby improving the overall profitability of APHS. APHS is making efforts to improve margins in new hospitals by optimizing the case mix and providing high-end tertiary treatment,” it added.

Kotak Institutional Equities on Nestle India: Add | Target Rs 22,250

Kotak Institutional Equities has an add rating on Nestle India post Q4 with a target price of Rs 22,250. Nestle reported a 21% year-on-year (YoY) growth in revenue driven by 5%/+7.5% growth in tonnage/volume mix.

“Nestle is well-positioned to (1) deliver industry-leading growth given its strong brand/product portfolio, thrust on capacity expansion and rural penetration, and (2) surpass pre-pandemic EBITDA margin as RM inflation (dairy) eventually eases,” it said.

Kotak Institutional Equities on HDFC AMC: Add | Target Rs 1860

Kotak Institutional Equities maintained an add rating on HDFC AMC with a target price of Rs 1860.

“HDFC AMC’s results indicate continuous improvement in operating metrics such as a market share in equity AUM and SIP flows, supported by top-quartile fund performance,” it said.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)