Hot Stocks: Brokerages on Bajaj Auto, Marico, IOC, BPCL and Godrej Consumer
Synopsis
Goldman Sachs has a buy rating on Godrej Consumer with a target price of Rs 1150. Q1 saw very strong traction across segments which suggests that the turnaround story continues to play out.
Brokerage firm Goldman Sachs has a buy rating on Godrej Consumer, CLSA maintained an outperform rating on Bajaj Auto, JPMorgan maintained an overweight rating on IOC and HPCL, and Macquarie retained its outperform rating on Marico.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Goldman Sachs on Godrej Consumer: Buy| Target Rs 1150
Goldman Sachs has a buy rating on Godrej Consumer with a target price of Rs 1150. Q1 saw very strong traction across segments which suggests that the turnaround story continues to play out.
“Double-digit India organic volume growth is likely to be highest within our coverage by a wide margin. The consolidated EBITDA growth is likely to be very strong,” the brokerage said.
CLSA maintained an outperform rating on Bajaj Auto with a target price of Rs 4659. Speed 400 and Scrambler 400X – which will be positioned as entry-level motorcycles.
The global investment bank believes that the Speed 400 hits the right spot. It estimates Bajaj-Triumph to deliver 60k/120k units in FY24/25.
“The launch looks promising, but we remain cautious,” said the note. Increasing competitive intensity, lackluster recovery in the entry-level segment, and continued pressure in the key export markets.
JPMorgan on OMCs: IOC, HPCL, and BPCL
JPMorgan maintained an overweight rating on IOC and has increased the target price to Rs 110 from Rs 100 earlier.
The global investment bank maintained a neutral rating on BPCL and hikes the target price to Rs 400 from Rs 350 earlier.
JPMorgan maintained its overweight rating on HPCL and hike the target price to Rs 330 from Rs 285 earlier.
India’s Oil Marketing Companies (OMCs) remain in a sweet spot. Discounted barrels adding to GRM and retail gross marketing margins at record highs.
The global investment bank increased estimates across the OMC; Overall Q1 should be strong across India’s energy complex.
Macquarie on Marico: Outperform| Target Rs 620
Macquarie maintained an outperform rating on Marico but hiked the target price to Rs 620 from Rs 580 earlier.
Better-than-expected margin offsets weak sales commentary. The global investment bank expects 10% EBITDA growth for 1Q FY24. Margin strength is likely to drive 4% increases to FY24E/FY25E/FY26E EPS.
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