A series of brokerage updates released on July 18 have turned the spotlight on several key stocks including Axis Bank, Polycab, LTIMindtree, Indian Hotels, and HDFC AMC. While some companies have attracted positive commentary on the back of strong earnings or growth potential, others have seen caution amid weaker-than-expected financials.
Axis Bank drew mixed reactions from brokerages after it reported a weak June quarter.
Nuvama downgraded the stock to ‘Hold’ and cut the target price to ₹1,180 citing a miss on net interest margins (NIMs) and a sharp rise in credit costs. It also reduced FY26 and FY27 EPS estimates by 5–6 percent.
CLSA, however, maintained an ‘Outperform’ call with a lower target of ₹1,350 (from ₹1,400), noting steady loan and deposit growth despite one-time pressures.
Bernstein also retained its ‘Outperform’ rating with a target of ₹1,300, flagging deterioration in asset quality but highlighting supportive trading gains and controlled operating expenses.
Polycab India earned bullish commentary after strong quarterly performance.
Citi maintained its ‘Buy’ rating with a target price of ₹7,700, noting revenue growth of 26 percent YoY, with both wires & cables and FMEG segments reporting healthy margin expansion.
UBS also reaffirmed its ‘Buy’ call and raised its target price to ₹8,100, citing strong earnings growth and robust cash flows. PAT surged 49 percent YoY, and net cash stood at ₹3,100 crore.
LTIMindtree saw continued optimism from HSBC, which retained its ‘Buy’ rating and raised the target price to ₹6,000. The brokerage noted that the June quarter was largely in line with expectations and expects the company’s medium- to long-term growth to be nearly double that of large-cap IT peers.
Indian Hotels came under focus after Nuvama maintained its ‘Reduce’ call but raised the target price slightly to ₹648 from ₹628. The brokerage noted that RevPAR grew 11 percent YoY in Q1FY26, led by a 12 percent increase in average room rates, though occupancy dipped marginally. It cited the absence of a strong near-term growth outlook and trimmed revenue forecasts for FY26 and FY27.
HDFC AMC received differing views from two brokerages.
HSBC retained a ‘Hold’ rating and raised the target to ₹4,750, noting that trading gains helped beat PAT expectations, although much of the recovery appears priced in.
Nuvama, on the other hand, remained upbeat, reiterating a ‘Buy’ rating and lifting the target price to ₹6,530. It highlighted favorable equity market conditions, strong SIP flows, and robust QAAUM growth as key positives.
Tata Communications was also in focus after CLSA reiterated an ‘Outperform’ rating and set a target of ₹2,100. Although revenue fell short of estimates, the company’s digital services revenue rose 17 percent YoY, and order book growth remained in double digits.
360 One was reiterated as a ‘Buy’ by Citi, with a target of ₹1,515. While core PBT fell 2 percent QoQ, Citi expects net flows to improve supported by relationship manager hiring and strong momentum in the primary markets.
Lastly, CLSA initiated coverage on Honasa Consumer (Mamaearth) with a ‘Hold’ rating and a target of ₹303. The brokerage acknowledged rising competition in the beauty and personal care segment but expects solid earnings growth over the next three years.
Disclaimer: This news article is based on brokerage research reports and publicly available information. It does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
