Broker Radar for November 22

UBS maintained ‘NEUTRAL’ on Vodafone Idea, with a TP of Rs37.

• Rapid expansion of 4G coverage in coming 6-12 months.
• Reiterates Rs14,000cr synergy target two years ahead of schedule.
• Believe FY19-20 capex guidance appears low and implies that recovery may take time.

BofAML maintained ‘UNDERPERFORM’ on Vodafone Idea, cuts TP to Rs35 from Rs40.

• Looking to maintain No.1 with low capex and more synergies.
• Management does not expect price war to worsen; prices un-sustainable even at current levels.
• Reiterates underperform as the company is vulnerable to market share risks.

Macquarie downgraded ‘NEUTRAL’ from ‘BUY' on NMDC, cuts TP to Rs110 from Rs138.

• Donimalai’s lease issue may be a drawn-out legal battle; a six-month disruption is expected.
• See iron ore prices close to peak; steel plant facing some delays.
• Lack of growth and mine uncertainty should keep multiples depressed.

Morgan Stanley maintained ‘OVERWEIGHT’ on Tech Mahindra, with a price target of Rs880.

• No surprises in analyst meet; Management maintained its positive outlook.
• Steady growth in enterprise business to continue.
• Margins have tailwinds from the current levels.

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