Hot Stocks: Brokerages view on Ashok Leyland, Dixon Technologies and Godrej Consumer

By Dan Neff On May 24, 2023

Brokerage firm JPMorgan maintained an overweight rating on Ashok Leyland, Goldman Sachs has a neutral rating on Dixon Technologies, and HSBC upgraded Godrej Consumer to buy.

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

JPMorgan on Ashok Leyland: Overweight | Target Rs 175
JPMorgan maintained an overweight rating on Ashok Leyland with a target price of Rs 175. “The company reported yet another quarter of a margin beat,” it said.

The global investment bank expects a slight increase in consensus expectations on operating results.

“The management commentary on market share, discounting trends, and demand outlook for FY24 will be key things to track,” it added.

Goldman Sachs on Dixon Technologies: Neutral | Target Rs 3370
Goldman Sachs maintained a neutral rating on Dixon Technologies with a target price of Rs 3370. “The growth is likely to pick up again in the future,” it said.“The March quarter results beat Street estimates after many quarters, which is a positive sign. The company is a major beneficiary of the ‘Make in India’ push across products,” it added.

The global investment bank remains largely neutral as growth is largely priced.

HSBC on Godrej Consumer: Buy | Target Rs 1180
HSBC upgraded Godrej Consumer to buy with a target price of Rs 1180.

“The FMCG business is in a sweet spot. The strategic focus appears apt, and the business has started delivering results paving the way for a strong trajectory of structural growth,” it said.

“The valuation is not inexpensive but is tenable. GCPL appears to have a good risk-reward,” it added.

Nomura on Ashok Leyland: Buy | Target Rs 184
Nomura maintained a buy rating on Ashok Leyland with a target price of Rs 184 post March quarter results.

“Q4 EBITDA margin beats consensus. Operating leverage and higher gross margins boost EBITDA margin,” it siad.

The global investment bank sees a further scope of improvement in realisation and the CV cycle is likely to stay positive.

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

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