Broker Radar for April 02

Check out the stock commentaries and recommendations from brokerage houses.

Morgan Stanley maintained ‘Overweight’ on Cyient with a TP of Rs720.

• March quarter business update implies cut to revenue guidance.
• Stock to react negatively as it lacks near-term re-rating triggers.
• Still overweight due to cheap valuations and growth recovery starting 2019-20.

Morgan Stanley maintained ‘Overweight’ on Coal India with a TP of Rs268.

• Ending the year on a strong footing.
• Growth recovery in key subsidiaries helped strong production growth.
• Volume growth to remain strong in 2019-20.

Citi downgraded to ‘Sell’ from ‘Neutral’ on Persistent Systems; cut a TP to Rs605 from Rs675.

• Downgraded to sell on concerns of sustainable profitable growth.
• Margins lower than peers, and see a difficulty in improvement.
• Cut EPS estimates by 3% and lower valuation multiple on slower digital growth.

Morgan Stanley maintained ‘Overweight’ on SBI; hiked a TP to Rs425 from Rs375.

• Expect credit cost to drop, loan growth to pick-up and NIMs to improve in 2019-20.
• Non-performing loan concerns should abate in the next financial year.
• Concerns of SBI being used to bail out weak entities are unlikely to be big.

Macquarie initiated ‘Outperform’ on Endurance Technologies with a TP of Rs1,400.

• Key beneficiary of safety regulations and premiumisation. New customers and rising content to drive growth outperformance.
• Expect 23% EPS CAGR over FY19-21; RoCE to improve to 31% in 2019-20.
• Strong earnings growth and high RoCE deserves premium valuations.

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