hares of several frontline and midcap companies are in focus today after global and domestic brokerages released updated ratings and target prices. While Tata Steel and Jubilant Ingrevia received positive commentary, UPL and Tata Motors saw mixed responses. Here’s a round-up of the latest brokerage activity:
Tata Steel shares upgraded by Nuvama on Europe turnaround hope
Nuvama upgraded Tata Steel shares to ‘Buy’ and raised the target price to ₹177, projecting a sharp recovery in profitability from European operations. It expects Q1FY26 EBITDA per tonne to rise by ₹2,000 sequentially due to higher steel prices and lower coal costs. The brokerage also anticipates Europe operations to turn EBITDA-positive in the upcoming quarter.
Jubilant Ingrevia shares seen gaining on margin expansion
Nuvama retained a ‘Buy’ rating on Jubilant Ingrevia shares with a revised target of ₹868, citing strong Q4 margins in the specialty chemicals and nutrition businesses. Although the chemical intermediates unit posted an EBIT loss, overall margins improved by 546 basis points to 14%, driven by cost efficiencies. Growth in CDMO and niacinamide segments was highlighted as a near-term catalyst.
UPL shares under pressure as HSBC trims target, retains ‘Buy’
HSBC maintained a ‘Buy’ call on UPL shares but cut the target price to ₹770, down from earlier estimates. While the company posted a robust Q4 and beat expectations on balance sheet improvement, HSBC slashed FY26–27 EPS estimates by 11–15% citing weaker growth and margins. The brokerage still believes the stock is poised to enter a “virtuous cycle” through deleveraging and free cash flow generation.
Tata Motors shares see divided views between CLSA and Jefferies
Tata Motors shares drew contrasting views from brokerages. CLSA maintained an Outperform rating with a target of ₹805, citing in-line JLR margins and strong performance across commercial and passenger vehicle segments, aided by PLI benefits.
On the other hand, Jefferies kept an ‘Underperform’ rating on Tata Motors shares with a lower target of ₹630, flagging concerns over slowing CV demand in India, rising competition in EVs, and challenges in JLR’s China and U.S. markets.
Bharti Airtel shares get boost from CLSA; MS takes cautious stance
CLSA reiterated an ‘Outperform’ rating on Bharti Airtel shares, raising its target price to ₹2,030, driven by stronger-than-expected performance in the Africa business and stable India mobile metrics.
Meanwhile, Morgan Stanley maintained an ‘Equal-Weight’ call on the shares, with a target of ₹1,870, citing elevated capex and increased net debt due to the redemption of $1 billion in perpetual bonds, even as India EBITDA (ex-Indus) delivered a beat.
Other shares under brokerage spotlight
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Siemens shares: Nomura retained a Reduce rating, TP ₹2,630, citing weak Q4 operations despite healthy order inflows.
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Cipla shares: Nomura, Axis, Ambit, Macquarie, and others maintained positive outlooks, with targets ranging from ₹1,630 to ₹1,875. Emkay, however, issued a Reduce with TP ₹1,500.
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GAIL shares: CLSA and Morgan Stanley both rated Outperform/Overweight, citing strong LPG performance, gas volume growth, and positive regulatory tailwinds. MS set a higher TP of ₹248.
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AB Capital shares: Morgan Stanley maintained Overweight with TP ₹250, highlighting upside potential in life insurance and housing finance.
Fund house views on OMC and auto shares
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BPCL, HPCL, IOC shares: JP Morgan stayed Overweight on all three OMC stocks, raising targets to ₹481, ₹463, and ₹199 respectively.
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Tata Motors shares: Emkay retained Buy with TP ₹800. CLSA maintained Outperform, while Jefferies stayed cautious.
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Bharti Airtel shares: Citi maintained Buy, TP ₹1,980.
Disclaimer: This article is for informational purposes only, based on brokerage commentary and publicly available information. It does not constitute investment advice. Business Upturn and the author do not recommend buying or selling any stocks mentioned.