We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
JPMorgan on Telecom
JP Morgan is of the view that delayed price recovery likely will impact telecom players. 5G rollouts drive CAPEX intensity, it said.
Jio’s shift in focus to high-end subscribers.
The global investment bank downgraded Bharti Airtel to underperform from overweight and slashed its target price to Rs 710 from Rs 860 earlier.
JPMorgan maintained its underweight stance on Vodafone Idea with a target price of Rs 3.
It further has a neutral stance on with a target price of Rs 190.CLSA on Max Financial: Buy| Target Rs 970
CLSA maintained its buy rating on Max Financial with a target price of Rs 970. Max Financial and have entered into a revised agreement.
IRDA raised objections to the below-market price. “Axis Bank is buying 7% of Max Life at close to market price,” said the note.
Credit Suisse on Financials: Bank of Baroda, SBI, ICICI Bank
Credit Suisse expects another strong quarter across metrics for financials.
The global investment bank expects Q3 to be another strong quarter for the banks. It sees further NIM expansion, and healthy loan growth.
The asset quality trends are likely to remain benign. Larger banks will continue to show better asset quality.
PSU banks are also seeing below-trend credit costs. Bank of Baroda, SBI, ICICI Bank, and
are our preferred picks.
Goldman Sachs on PVR: Buy| Target Rs 2250
Goldman Sachs maintained a buy rating on PVR for a target of Rs 2250. It was a subdued quarter which is not indicative of underlying weakness.
The risk-to-reward ratio is attractive. Improving content slate, and strong pricing power are key triggers for PVR.
Valuations at 21x FY24 P/E are at a 40% discount to PVR’s average, said the note.
JPMorgan on Bharti Airtel: Underweight| Target Rs 710
JP Morgan downgraded Bharti Airtel to underweight with a target price of Rs 710. 2023 should be defined by competitive 5G rollouts.
The global investment bank expects competitive 5G rollouts to gain momentum.
“Can expect negative surprises on CAPEX and subsidies to drive adoption.
Jio’s focus shift to premium subscribers from entry-level,” said the note.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)