Brokerages are out with fresh calls and insights on a slew of stocks, spotlighting opportunities and challenges across sectors. Here’s the latest roundup from the analyst desks.
JPMorgan Keeps Indegene at Neutral with Rs 650 Target
JPMorgan has maintained its Neutral rating on Indegene, pegging a target price of Rs 650 after the company’s analyst day. The brokerage highlighted that Indegene’s medium-term growth will rely on deeper penetration of existing clients, tapping into a sizable total addressable market (TAM) through cross-selling across services and regions. A strong pipeline of new drug launches is expected to outweigh patent expiries, while pilot projects in generative AI (GenAI) aim to win client favor—though revenue impacts remain unclear. Indegene’s M&A strategy will target gaps in commercial, regulatory, and medical affairs capabilities.
Goldman Sachs Bullish on L&T Ahead of Q4, Sets Rs 3,640 Target
Goldman Sachs reiterated its Buy call on Larsen & Toubro (L&T) with a target price of Rs 3,640 as Q4 looms. The brokerage forecasts an 18% jump in core revenue (17% overall YoY), driven by robust execution of international orders, alongside an 11% YoY rise in order inflows—beating guidance. However, despite a 30 bps YoY uptick in Q4 core margins, FY25 margins are projected to stay flat, putting the spotlight on upcoming margin guidance.
Macquarie Favors Restaurants Over Food Delivery
Macquarie weighed in on the food sector, favoring restaurant players like Devyani International and Westlife Foodworld over delivery platforms Zomato and Swiggy. Citing higher discretionary incomes boosted by recent tax rebates, the brokerage sees a recovery in the restaurant space. For food delivery, growth in gross order value is expected from user additions, with unit economics holding steady.
Citi Cheers RBI’s PSL Boost for Banks
Citi flagged a positive development for banks following the Reserve Bank of India’s updated Priority Sector Lending (PSL) guidelines. Key changes include housing loan limits raised to Rs 5 mn/4.5 mn/3.5 mn (tier-wise), education loans up to Rs 2.5 mn, and healthcare facility loans in Tier II-VI centers up to Rs 120 mn. The revisions, which also lift weaker section loan caps to Rs 0.2 mn, are seen easing PSL compliance, with HDFC Bank singled out as a key beneficiary.
MOSL Initiates Buy on Suzlon with Rs 70 Target
Motilal Oswal kicked off coverage on Suzlon Energy with a Buy rating and a Rs 70 target. The wind energy giant boasts 20.9 GW of installed capacity globally and 15 GW in India, backed by a vertically integrated model with in-house R&D and manufacturing. The brokerage projects a 63% EPS CAGR over FY24-27.
UBS Upgrades Cement Heavyweights for FY26 Upturn
UBS turned optimistic on the cement sector, upgrading UltraTech, Ambuja, and Dalmia Bharat to Buy amid signs of an FY26 earnings upcycle. UltraTech’s target price jumped to Rs 13,000 (from Rs 9,000), Ambuja’s to Rs 620 (from Rs 475), and Dalmia’s to Rs 2,100, while ACC held at Buy with a Rs 2,250 target. Factors include a housing-driven demand revival, cost savings, price stabilization after a 9MFY25 dip, and consolidation led by UltraTech and Ambuja.
CLSA Stays Bullish on Bandhan Bank, Targets Rs 220
CLSA reaffirmed its High Conviction Outperform rating on Bandhan Bank with a Rs 220 target. The bank’s microfinance collections have improved over two months, cutting overdue formation, with normalcy eyed by 3QFY26 despite new lending caps. A Salesforce tie-up will speed up loan origination, while management targets a 1.8-2% RoA by FY27—above CLSA’s 1.5% estimate.
Jefferies Trims Infosys Target to Rs 1,835, Holds Buy
Jefferies retained its Buy call on Infosys but lowered its target to Rs 1,835 from Rs 2,150 after a 20% stock drop tied to US macro concerns. The brokerage sees FY26 constant currency revenue growth at 4-6%, with EPS estimates cut by 2-4% due to slower growth.
Analyst updates are heating up as Q4 nears, with stocks across infrastructure, renewables, cement, and banking drawing keen interest.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to risks, and readers should conduct their own research or consult a financial advisor before making any investment decisions.
