Major Brokerages Unveil Key Stock Recommendations and Price Targets
In a series of significant market updates, leading brokerage firms including Kotak Institutional Equities, Nuvama, HSBC, Motilal Oswal Securities, and Jefferies have issued fresh ratings and target prices for several prominent stocks, highlighting growth prospects, risks, and strategic outlooks amid current economic conditions.
Kotak Reinstates 'Add' on Aster DM with Rs 725 Target
Kotak Institutional Equities has reinstated its 'add' rating on Aster DM Healthcare, setting a target price of Rs 725. Analysts project that following its imminent merger with Quality Care India Limited (QCIL), Aster DM will deliver robust financial performance over the fiscal years 2026 to 2028. Beyond merger synergies, the company is poised to leverage multiple growth drivers such as an increased oncology mix and an improved payor mix, which are expected to fuel margin expansion. Supported by a strong balance sheet and a calibrated expansion plan involving 4,342 beds by FY30—with 60% being brownfield additions—the Aster DM-QCIL combination is anticipated to embark on a multi-year profitable growth trajectory.
Nuvama Issues 'Buy' on Marico with Rs 900 Target
Nuvama has assigned a 'buy' rating to Marico, with a target price of Rs 900. After attending a management meeting, analysts expressed confidence in the company's value-added hair oil portfolio, which is expected to remain strong. Management disclosed that West Asia business contributes approximately 3–4% of consolidated revenue, with no significant impact on overall revenue at present. Additionally, the correction in copra prices, down about 35% from peak levels, has not yet been passed on to consumers, but a calibrated price reduction is likely in the near future. The company also noted that Bangladesh's political landscape has stabilized, supporting sustained growth momentum, though ongoing tensions in West Asia remain a key monitorable due to potential inflation in raw material and packaging costs.
HSBC Downgrades Tata Motors PV Target to Rs 340
HSBC has maintained a 'hold' rating on Tata Motors' passenger vehicle segment but cut the target price to Rs 340 from Rs 400. Analysts cited West Asia exposure and rising raw material costs as additional challenges for Jaguar Land Rover (JLR), compounding existing woes. While Tata Motors' India business benefits from strong demand for the Sierra and incremental Harrier petrol models, raw material inflation poses a risk to margins. The recovery for JLR in the near term appears challenging, according to the brokerage.
Motilal Oswal 'Buy' on Hindalco with Rs 1,110 Target
Motilal Oswal Securities has issued a 'buy' rating on Hindalco, with a target price of Rs 1,110. Following a management meeting, analysts reported that the company expects domestic demand across Asia to remain robust, outpacing modest global growth expectations of 2-4% CAGR, driven by renewable energy, electrification, infrastructure spending, packaging, and auto/EV adoption. The impact of the ongoing conflict in West Asia is largely confined to rising energy costs, particularly coal. Management noted that 75% of energy needs are met through coal linkages, with the remainder via e-auction, and rising e-auction prices could increase energy expenses. As a mitigation strategy, Hindalco aims to achieve 100% captive energy by FY33 through three captive mines, targeting direct cost savings of about $200 per tonne. The company plans to expand value-added product offerings in copper and aluminium to cushion margins and enhance downstream EBITDA in India over the medium term, with facilities like Aditya FRP and battery enclosure currently ramping up and others expected to commission soon.
Jefferies 'Buy' on JSW Infrastructure with Rs 360 Target
Jefferies has assigned a 'buy' rating to JSW Infrastructure, with a target price of Rs 360. Analysts stated that the management, in recent interactions, reiterated its goal to double EBITDA over FY26-FY28, supported by capacity additions that are on track. Logistics growth plans, contributing 5% to FY26 EBITDA, are ahead of schedule, though geopolitical tensions present a near-term headwind. Jefferies raised the company's FY28 EBITDA estimate by 10%, reflecting optimism on project progress, and projects a 29% EBITDA CAGR from FY26 to FY30, driven by a 19% volume CAGR, with group expansion plans providing utilization visibility.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
