Indian markets on Tuesday witnessed a gap-down opening as Sensex slumped over 300 points and Nifty above 16600 levels. Almost all indices were in red with Nifty IT and FMCG being the top losers.   

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Investors may see a stock-specific action in Sun Pharma, Jubilant FoodWorks, Cummins India and Prestige Estates, in which global brokerages came out with their reports on business development, or earnings outlook. 

We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report: 

Sun Pharma – Upside 24% 

Global brokerage firm CLSA maintained a Buy rating on Sun Pharma with a target of Rs 1060 per share, as revenue guidance in-line with expectations led by specialty ramp-up. The brokerage raised FY23-24 earnings estimates by 2-3 per cent. The stock closed at Rs 888 apiece levels on Monday.  

While Goldman Sachs maintained a Sell stance with a target of Rs 720 per share and Nomura maintained a Buy rating with a target of Rs 1094 per share, similarly, Jefferies maintained Underperform stance with a target price of Rs 775 per share.  

Jubilant FoodWorks – Upside 17% 

CLSA maintained Sell stance with a target price of Rs 500 per share, the stock on Monday closed at Rs 566 per share. While Morgan Stanley maintained an Overweight rating and upgrades the target price to Rs 657 from Rs 530 per share. 

Similarly, JP Morgan gives a Neutral rating with a target of Rs 600 per share, while Jefferies maintained Buy stance with a target of Rs 580 per share. 

M&M – Upside 31% 

CLSA continues to be bullish as it maintained a Buy rating for a target price of Rs 1257 per share, even Nomura maintained a Buy rating and raised its target to Rs 1308 from Rs 1160 per share. The stock on Monday closed at Rs 988 levels  

Cummins India – Upside 12% 

Goldman Sachs maintained a Neutral rating while reducing the target price to Rs 890 from Rs 910 per share, while Credit Suisse maintained Underperform rating with a target of Rs 1150 per share. 

Similarly, Nomura maintained a Reduce call while cutting the target to Rs 770 from Rs 777 per share. The stock on Monday closed at Rs 1030 per share levels, 

Prestige Estates – Upside 54% 

Morgan Stanley maintained an Overweight stance on the stock with a target of Rs Rs 612 per share, as the company is expanding in both residential and commercial segments, also tapping into new territories. While JP Morgan too maintained an Overweight rating with a target price of Rs 635 apiece. The stock on Monday closed at Rs 413 per share levels.