Global brokerage firm Goldman Sachs maintained a neutral rating on Cummins India, CLSA has a buy rating on Phoenix Mills, and Morgan Stanley maintained an overweight rating on Page Industries.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Goldman Sachs on Cummins India: Neutral | Target Rs 1450
Goldman Sachs maintained a neutral rating on Cummins India with a target price of Rs 1450. The company reported a 61% jump in consolidated profit after tax to Rs 348.91 crore in the March 2023 quarter.
“After a strong quarter, there could be some uncertainty thereafter,” it said. The global investment bank continues to have concerns given the bulk of the company's business depends on Internal Combustion Engines (ICE).
“The management commentary on the domestic demand was positive with some growth slowdown in exports,” it added.
Credit Suisse on Cummins India: Outperform| Target Rs 1875
Credit Suisse maintained an outperform rating on Cummins India for a target of Rs 1875. “Cummins still offers reasonable risk-reward in the context of peers,” it said.
The global investment bank is of the view that energy transition and corporate governance concerns may ease in future.
CLSA on Phoenix Mills: Buy | Target Rs 1703
CLSA maintained a buy rating on Phoenix Mills with a target price of Rs 1703. “It remains a strong play on the discretionary consumption demand,” it said.
“The company is well capitalised to fund growth beyond FY27,” ot added. The global investment bank estimates a 21% CAGR in the retail rental income over FY23-27.
Morgan Stanley on Page Industries: Overweight| Target Rs 43,068
Morgan Stanley maintained an overweight rating on Page Industries with a target of Rs 43,068. The Q4 performance was weaker, and it missed estimates.
“The revenue growth will likely be weak for the next two quarters. Margin recovery should lead to revenue growth,” it said.
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