Brokerage views: Sun Pharma, Coal India, Godrej Consumer, Indian Oil, Indian Hotels in focus on Budget day

As Dalal Street awaits cues from the Union Budget 2023-24 — to be presented in Parliament by the finance minister on February 1, brokerages share their views on stocks such as Sun Pharma, Coal India, Godrej Consumer Products and Indian Hotels.

Here's what JPMorgan, Morgan Stanley and Citi make of some of the key stocks in focus today:

Sun Pharma

Brokerages are divided on Sun Pharma, Morgan Stanley has an ‘overweight’ rating with a target of Rs 1,150 apiece. According to the brokerages, the pharma company's well-diversified business is helping it manage volatility and maintain steady growth.

Goldman Sachs has retained a ‘sell’ with a Rs 5 cut in its target price for the drug maker's stock.

Coal India

Jefferies has retained a ‘hold’ on Coal India and raised its target price to Rs 225 per share from Rs 220 apiece.

The coal behemoth's Q3 cash EBITDA rose above the brokerage's estimates amid better-than-expected realisations. The brokerage also pointed out that easing of global coal prices and higher staff costs pose headwinds for the company in the year ending March 2024.

Godrej Consumer Products

Indian Oil

Indian Hotels

JP Morgan sees upside potential of nearly 10 per cent in Indian Hotels. It has a ‘neutral’ stance with a Rs 20 increase in its target price to Rs 330 a day after Tata Group company announced its Q3 results.

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