Jefferies on LG Electronics
Target Price ₹1980 | Recommendation Buy
Life’s indeed good as Jefferies views LG as a strong discretionary play backed by a diversified mix. The firm highlights LG’s entrenched moats, market leadership across categories, premium brand recall, and new product launches. Strong distribution and backward integration continue to drive industry-leading margins and healthy return ratios.
Citi on Max Health
Target Price ₹1460
Citi met senior management and visited the Max Saket facility. Management expects a strong growth trajectory supported by rising occupancy, an improving case mix, and better profitability at Dwarka and Noida. The insurance cashless issue is now fully resolved with tariff corrections implemented.
JPMorgan on RIL
Target Price ₹1727 | Earlier ₹1695 | Recommendation Overweight
JPMorgan believes RIL’s valuations remain attractive relative to peers and estimates the stock still trades at a 15 percent holding-company discount. The earnings drag from weak refining and petchem has ended, and earnings growth is expected to improve meaningfully.
Jefferies on Lupin
Target Price ₹2300 | Recommendation Buy
After hosting Lupin’s CEO and CFO in London, Jefferies stated confidence in sustaining USD 1 bn US revenue and a 24–25 percent EBITDA margin by FY27 despite rising competition. Biosimilars remain the next major growth engine, while investments in specialty assets will continue.
Macquarie on HDFC Bank
Target Price ₹1200 | Recommendation Outperform
HDFC Bank conveyed strong growth traction post GST rate cuts and retained its guidance that loan growth will outpace the system in FY27. With prudent provisioning and contingent buffers, the bank does not foresee material impact from new ECL norms.
HSBC on Tata Motors PV
Target Price ₹400 | Earlier ₹466 | Recommendation Hold
HSBC sees downside risks outweighing upside for JLR amid US tariffs, an aging portfolio, China luxury tax, the cyber-attack, and weak EU demand. However, India PV may see positives from the Sierra launch and expected PLI benefits for the Nexon EV and Harrier EV in Q3–Q4.
Investec on OMCs
Downgrade to Sell from Hold
Investec notes investor interest surged as Singapore GRMs doubled to ~USD 13/bbl, but warns OMC profitability is far more sensitive to marketing margins, which have turned negative. Elevated diesel cracks could sharply erode earnings, with stocks already up 20–25 percent since Oct-25.
BPCL – Sell, TP ₹330 | HPCL – Sell, TP ₹425 | IOC – Sell, TP ₹145
JPMorgan on India Pipes
PVC risk is driving pressure, leading JPMorgan to trim targets but maintain Overweight on both firms. The brokerage sees favorable risk-reward after the correction, sustained market share gains, recovering demand in H2, and improving pricing support.
Astral – TP cut to ₹1700 from ₹1800 | Supreme Industries – TP cut to ₹4200 from ₹4760
CLSA Global Equity Strategy – India
CLSA says India’s 2026 case is forming largely as a refuge from global AI-driven volatility. After a 14-month adjustment—lower GDP expectations, EPS reset, weaker rupee, foreign selling, and peak equity supply—the market now trades at modestly cheaper valuations, setting up potential re-engagement in 2026.
Morgan Stanley on Deepak Nitrite
Maintains Overweight | Target Price ₹2,017 (from ₹2,110)
Estimates were revised post Q2 FY26. Advanced Intermediates remain weak amid soft demand and competition. Phenolics is steady, while the solvent capacity addition is delayed to end-Q4 FY26. EBITDA cut by 7% for FY26 and 6% for FY27; EPS lowered by 10% (FY26), 9% (FY27), 6% (FY28). Higher depreciation and interest factored in as capacities ramp up.
Bull case TP: ₹2,350 | Bear case TP: ₹1,52
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