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Broker Radar for May 21

Check out the stock commentaries and recommendations from brokerage houses.
CLSA maintains ‘Outperform’ on Torrent Pharma; cut TP to Rs 1,800 from Rs 2,100
March quarter results impacted by many adjustments still below estimates.
US sales under pressure in the medium term.
India growth is strong with a focus on top brands.

Morgan Stanley maintains ‘Underweight’ on Dr. Lal PathLabs; hikes TP to Rs 919 from Rs 810
Growth is likely to be volume driven.
Company to evaluate price hikes based on competitive intensity.
Underweight due to limited pricing power, modest growth, and rich valuation.

Citi maintains ‘Buy’ on PI Industries; hikes TP to Rs 1,303 from Rs 1,061
Strong exports growth continues.
Domestic business was expectedly muted.
PI continues to enjoy significant advantages with good revenue visibility.

CLSA maintains ‘Sell’ on Tata Motors, with TP of Rs 150
EBITDA miss for both the JLR and India business in March quarter.
JLR outlook remains weak and sees cyclical pressure in India.
Cut FY20-21 EPS by 18-22%.

UBS Maintains ‘Neutral’ on Tata Motors, with TP of Rs200
March quarter review: JLR slightly ahead while India below expectations.
JLR lacking a path to positive FCF.
Net debt reduction largely seasonal; CapEx cuts help a little.

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