Several key stocks will be in focus today, October 16, as top brokerages issued fresh views and target price revisions across banking, auto, financials, and infrastructure names. Axis Bank remains the most discussed stock with multiple global and domestic brokerages reaffirming positive ratings post Q2 earnings, while L&T, HDFC Life, Hyundai Motor India, Tata Communications, HDFC AMC, and KEI Industries also drew bullish commentary.
Brokerages on Axis Bank share:
Brokerages remain overwhelmingly positive on Axis Bank following its strong Q2 performance and improved growth momentum. Jefferies maintained Buy with a target price of ₹1,470, HSBC retained Buy at ₹1,460, Nomura at ₹1,440, DAM Capital at ₹1,370, and Antique raised its target to ₹1,350 from ₹1,300. Emkay (₹1,400), CLSA (₹1,400), and Haitong (₹1,350) also reaffirmed their positive stance, while Bernstein (₹1,250), JP Morgan (₹1,260), MOSL (₹1,180), Systematix (₹1,365), and Ambit (₹1,300) remained neutral. Analysts expect further clarity on asset quality and loan growth trends to drive the next leg of re-rating.
Brokerages on Larsen & Toubro (L&T) share:
Jefferies maintained its Buy rating with a target price of ₹4,345, noting the company has met or exceeded its FY25 revenue, order flow, and margin guidance and is on track to achieve FY26 targets as well. The brokerage expects order inflow growth to remain robust in the second half of the year.
Brokerages on Hyundai Motor India share:
Brokerages turned bullish on Hyundai, citing a strong medium-term growth outlook and product expansion. Morgan Stanley maintained Overweight with a ₹3,066 target, while Nuvama retained Buy with a higher target of ₹3,200. Analysts see Hyundai’s multi-powertrain strategy, MPV and hybrid launches, and Genesis brand foray as key drivers of growth.
Brokerages on Tata Communications share:
The company continues to draw optimism after its consistent digital and data revenue growth. Macquarie maintained Outperform with a target of ₹2,210, Nuvama raised its target to ₹2,235 while maintaining Buy, and CLSA stayed Outperform with a ₹2,100 target. Brokerages highlighted steady margins and strong export demand in the enterprise connectivity segment.
Brokerages on HDFC Life Insurance share:
Jefferies maintained Buy with a ₹930 target, Morgan Stanley retained Overweight at ₹875, while CLSA and Nuvama both stayed positive with ₹910 targets. However, Goldman Sachs trimmed its target to ₹865 but maintained a Buy stance. Analysts see margins normalising from FY27 after the temporary GST impact.
Brokerages on HDFC Asset Management Company (HDFC AMC) share:
Views remained mixed post-Q2 results. Nuvama maintained Buy with a higher target of ₹7,020, while Morgan Stanley raised its target to ₹5,400 with an Equal-weight rating. HSBC recently maintained Hold at ₹4,920, citing a largely in-line operating performance but rich valuations.
Brokerages on KEI Industries share:
Both UBS and Nuvama reiterated bullish calls on KEI Industries, maintaining Buy ratings with target prices of ₹4,750 and ₹4,450 respectively. Morgan Stanley also remains positive (as per earlier note) given strong cable and wire revenue growth, export momentum, and improving margins.
Brokerages on HDB Financial share and L&T Finance share:
Morgan Stanley maintained Equal-weight on HDB Financial with a revised target of ₹805, while MOSL retained a Neutral stance at ₹820. The brokerage also reiterated Underweight on L&T Finance with a ₹143 target, citing slow ROE recovery and expensive valuations.
Brokerages on United Breweries (UBL) share:
Investec maintained a Hold rating with a target of ₹2,081, expecting steady recovery but limited near-term triggers.
Market strategy: CLSA, in its broader India strategy note, observed that India underperformed regional peers as foreign institutional investor (FII) selling continued. The brokerage noted that the Nifty rose just 0.8% in September, ranking as the second-worst performing emerging market after the Philippines.
Overall, brokerages remain upbeat on select large-cap and sectoral leaders such as Axis Bank, L&T, Hyundai Motor India, KEI Industries, Tata Communications, and HDFC Life, while cautioning that valuations remain elevated in parts of the financial sector.
Disclaimer: This article is for informational purposes only and not a recommendation to buy or sell any securities. Brokerage views are based on their respective research reports and publicly available information.