BEL Citi says it is top industrial pick with target increased to Rs 1735 from Rs 1557 per share. It says valuation looks reasonable with the company set to deliver 15 percent EPS CAGR over FY16-19.
Idea Morgan Stanley has cut target price to Rs 70 per share from Rs 89 per share, believing that share price will fall relative to country index over next 60 days. It has reduces FY17/18/19 EBITDA estimates by 6 percent/ 11 percent /9 percent.
HDFC Bank Bank of America Merrill Lynch reiterates buy call with target increased to Rs 1625 from Rs 1550 per share. It believes the bank is poised to move onto a higher growth trajectory, expecting loan growth of 26-27 percent in FY18- 20, earnings growth of over 24 percent by FY19-20. It adds that return on equity may be over 21/22 percent in FY19/20.
Axis and ICICI Bank Morgan Stanley prefers Axis Bank structurally over ICICI Bank. It expects Axis Bank to earn 400-500 basis points higher ROE than ICICI Bank. It says ICICI Bank should book capital gain of Rs 5700 crore in Q2.
Larsen and Toubro Credit Suisse maintains outperform rating with target increased to Rs 1925 from Rs 1825 per share. It stays outperform on likely execution pick-up and strong cash flows on peaking inventory.
Steel stocks Credit Suisse says coking coal prices supportive of cost curve as steel prices to take a leg-up. It is overweight on Tata Steel , JSW Steel and JSPL with target price at Rs 440, Rs 2000 and Rs 110 per share. It is underperform on Tata Steel with target at Rs 35 per share.
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