Research House: Equirus Securities
Advice: Long
Stock Price: Rs 280
1-year Target Price: Rs 400
Potential Upside: 42.9%
Comment: Initiate with ‘long’ due to its unique business model and diverse revenue sources. Also, there are multiple growth opportunities led by new customer acquisition, increased cross-selling of products, global expansion and new product offerings.
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Research House: Asit C Mehta
Advice: Buy
Stock Price: Rs 1,507
1-year Target Price: Rs 2,055
Potential Upside: 36.4%
Comment: Initiate with ‘buy’ as it has strengthened market share despite intense competition. Improved cost efficiencies, focus on premiumisation, healthy balance sheet and better return ratios are other positives.
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Research House: Systematix
Advice: Buy
Stock Price: Rs 540
1-year Target Price: Rs 724
Potential Upside: 34.1%
Comment: Assign ‘buy’ due to its robust order book, execution visibility, continued deleveraging efforts, technology upgrade, portfolio expansion plans and prospects of strong free cash flows.
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Research House: ICICI Securities
Advice: Buy
Stock Price: Rs 487
1-year Target Price: Rs 635
Potential Upside: 30.4%
Comment: Assign ‘buy’ despite dramatic change in macros as material increase in refining capacity, addition of petrochemical volumes and normalisation of marketing margins will deliver superior and predictable earnings over the next two years.
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Research House: Motilal Oswal
Advice: Buy
Stock Price: Rs 769
1-year Target Price: Rs 1,000
Potential Upside: 30%
Comment: Reiterate ‘buy’ amid visibility of healthy retail loan growth from 2024-25. Improvement in product mix, credit rating upgrades, enhancement in collections framework and lower cost of funds are other positives.
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