Indian markets are likely to witness some volatility on Tuesday and could retest crucial support levels, tracking weak global cues, but there will be stock-specific action in which global brokerage came out with their reports on business development, or earnings outlook.

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

Axis Bank: Buy| Target Rs 980

Nomura maintained a buy rating on Axis Bank post-December quarter results with a target price of Rs 980 that translates into an upside of about 39 per cent from Rs 705 recorded on 24th January.

The December quarter results were better than estimates. The loan growth NIM and the asset quality improved. However, higher costs led to lower core PPOP growth.

The global investment bank sees +4.7%/+2.7%/1.6% increases in EPS estimate over FY22-24F.

Zomato: Underweight| Target Rs 120

JP Morgan maintained its underweight rating on Zomato with a target price of Rs 120 that translates into an upside of over 30 per cent from Rs 91 recorded on 24th January.

It is too early to bottom-fish, said the brokerage note analyzing valuation scenarios.

Zomato's share price has fallen 42 per cent from its 52-week high.

The fall was led by macro factors that have driven a broader global growth tech sell-off. A reverse DCF suggests stock is pricing in a 12.2% WACC (weighted average cost of capital).

Zomato's sensitivity to WACC assumptions are sharper. Zomato may have more downside scenarios than the upside. The stock has corrected faster than peers recently. It continues to trade at a sharp premium to global peers.

SBI Cards: Outperform| Target Rs 1100

Credit Suisse maintained the outperform rating on SBI Cards but slashed its target to Rs 1100 from Rs 1350 which still translates into an upside of about 35 per cent from Rs 815 recorded on 24th January.

There is strong growth in spending. There is an overhang from the potential RBI regulations on credit card MDR (merchant discount rate).

The global investment bank believes that the impact should be contained, and it slashed EPS by 14%/8%/6% in FY22/23/24E.

Shriram Transport: Buy| Target Rs 1600

CLSA upgraded Shriram Transport post Q3 results with a target price of Rs 1600 that translates into an upside of over 38 per cent from Rs 1155 recorded on 24th January.

The core business parameters remain healthy, and the loan growth is largely line. Calculated spreads improved sequentially.

One-time provisioning impacted due to RBI’s new norms. The global investment bank continues to watch merger progress.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)