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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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