Hot Stocks: Brokerages on M&M, Voltas, SRF, and UltraTech Cement

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

Goldman Sachs on M&M: Buy| Target Rs 1640
Goldman Sachs maintained a buy rating on M&M with a target price of Rs 1640. The global investment bank raised FY23/ FY25 EPS estimates by up to 4%.

It expects investor focus to be on the company’s plans for capacity expansion.

Credit Suisse on Voltas: Underperform| Target Rs 800
Credit Suisse maintained an underperform rating on Voltas with a target price of Rs 800. Vulnerability in market share and margins persist, it said.

“The AC segment sees a market share loss, competitive intensity has heightened. Competition is likely to intensify, and lower margins are likely in the interim,” it added.

The global investment bank slashed 2023/24/25E EPS by 19%/9%/7%.

Jefferies on SRF: Hold| Target Rs 2290
Jefferies maintained a hold rating on SRF with a target price of Rs 2290. The company reported a sharp miss on demand weakness and margin contraction.

“SRF reported Q2 revenues that were in line. EBITDA came in 20% below estimates. Chemical margins fell 194 bps QoQ,” it said.

JPMorgan on UltraTech: Neutral| Target Rs 6125
JPMorgan maintained a neutral rating on

Cements with a target price of Rs 6125. Management is confident of the demand outlook.

The global investment bank expects margin recovery from Q2 levels. Fuel costs should remain elevated, and cement price hikes should come through, it said.

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