Nomura notes that the earnings momentum will continue on robust demand and sustained healthy pricing power.
It has raised earnings estimates for Cummins, ABB on margin improvement, and L&T for execution. Check out the target prices:
Global brokerage Nomura has double downgraded ABB stock to a 'neutral' from 'buy' rating but has raised the target price to Rs 6,660 from Rs 5,740.
The brokerage has maintained a 'buy' on L&T and has revised the target price upwards to Rs 4,230 from Rs 4,090 earlier.
Nomura has maintained a 'neutral' rating on Cummins with a raised target price to Rs 3,040 from Rs 2,510 earlier.
Nomura has maintained an 'underperform' rating with a target of Rs 3,960 on Siemens.