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Top brokerage calls for August 7: CLSA, Credit Suisse cut price targets on Titan; UBS bullish on Pidilite

Updated : 2019-08-07 08:58:59

Indian shares are likely to open lower on Wednesday ahead of the Reserve Bank of India’s monetary policy decision later in the day. According to a CNBC-TV18 poll, the central bank is likely to bring down the key repo rate by 25 basis points. Moreover, June quarter earnings and continued selling by FIIs may also weigh on Indian shares. At 7.26 AM, the SGX Nifty futures traded 55 points, or 0.55 percent, lower at 10,907, indicating a negative start for the Sensex and the Nifty 50.

1. <strong>Macquarie on JSW Energy:</strong> The brokerage maintained 'underperform' rating on the stock with a target price of Rs 59 per share. The brokerage reduced FY20 earnings on lower profit in its hydro assets, but raised FY21 earnings by 28 percent on higher utilisation and lower coal prices.
1. Macquarie on JSW Energy: The brokerage maintained 'underperform' rating on the stock with a target price of Rs 59 per share. The brokerage reduced FY20 earnings on lower profit in its hydro assets, but raised FY21 earnings by 28 percent on higher utilisation and lower coal prices.
2. <strong>BofAML on Hindalco:</strong> The brokerage maintained 'buy' call on the stock but cut its target price to Rs 295 per share from Rs 290 earlier.  It sees Novelis profit at a record high.
2. BofAML on Hindalco: The brokerage maintained 'buy' call on the stock but cut its target price to Rs 295 per share from Rs 290 earlier.  It sees Novelis profit at a record high.
3. <strong>BofAML on Pidilite Industries:</strong> The brokerage maintained 'underperform' rating on the stock with a target price of Rs 1,080 per share.  It believes the stock is pricing in overly stretched expectations.
3. BofAML on Pidilite Industries: The brokerage maintained 'underperform' rating on the stock with a target price of Rs 1,080 per share.  It believes the stock is pricing in overly stretched expectations.
4. <strong>CLSA on Indiabulls Housing Finance</strong>: The brokerage has a 'buy' call on the stock but cut its target to Rs 670 per share from Rs 920 earlier. It expects to see limited growth in FY20-21.
4. CLSA on Indiabulls Housing Finance: The brokerage has a 'buy' call on the stock but cut its target to Rs 670 per share from Rs 920 earlier. It expects to see limited growth in FY20-21.
5. <strong>CLSA on IRB Infrastructure</strong>: The brokerage maintained 'buy' call on the stock but cut its target price to Rs 225 per share from Rs 250 earlier. It believes that the landmark GIC deal proves asset value. Also, the stock offers deep value trading at 4x P/E.
5. CLSA on IRB Infrastructure: The brokerage maintained 'buy' call on the stock but cut its target price to Rs 225 per share from Rs 250 earlier. It believes that the landmark GIC deal proves asset value. Also, the stock offers deep value trading at 4x P/E.
6. <strong>CLSA on Max Financial</strong>: The brokerage maintained 'buy' call on the stock with a target price of Rs 550 per share. As per CLSA, the company has reported healthy growth, and that clarity on bancassurance tie-up could drive a re-rating. It expects healthy premium growth for the company.
6. CLSA on Max Financial: The brokerage maintained 'buy' call on the stock with a target price of Rs 550 per share. As per CLSA, the company has reported healthy growth, and that clarity on bancassurance tie-up could drive a re-rating. It expects healthy premium growth for the company.
7. <strong>CLSA on Titan</strong>: The brokerage maintained 'outperform' call on the stock but cut its target price to Rs 1,150 per share from Rs 1,225 earlier. It believes that the miss in Q1FY20 is already priced in the post-pre-quarter release, and that the stock will likely remain range-bound on Wednesday.
7. CLSA on Titan: The brokerage maintained 'outperform' call on the stock but cut its target price to Rs 1,150 per share from Rs 1,225 earlier. It believes that the miss in Q1FY20 is already priced in the post-pre-quarter release, and that the stock will likely remain range-bound on Wednesday.
8. <strong>Credit Suisse on Titan</strong>: The brokerage maintained 'buy' call on the stock but cut its target price to Rs 1,050 per share from Rs 1,250 earlier. The brokerage said the Q1 earnings were largely in-line with the lowered expectations and cut its FY20/21 estimates by 7 to 9 percent.
8. Credit Suisse on Titan: The brokerage maintained 'buy' call on the stock but cut its target price to Rs 1,050 per share from Rs 1,250 earlier. The brokerage said the Q1 earnings were largely in-line with the lowered expectations and cut its FY20/21 estimates by 7 to 9 percent.
9. <strong>Macquarie on Titan</strong>: The brokerage maintained 'neutral' call on the stock but cut its target price to Rs 1,078 per share from Rs 1,294 earlier. The research house expects the company to continue its long-term market share gain thesis of Tanishq. However, Macquarie expects near-term demand to be hit by higher gold prices.
9. Macquarie on Titan: The brokerage maintained 'neutral' call on the stock but cut its target price to Rs 1,078 per share from Rs 1,294 earlier. The research house expects the company to continue its long-term market share gain thesis of Tanishq. However, Macquarie expects near-term demand to be hit by higher gold prices.
10. <strong>UBS on Pidilite Industries</strong>: The brokerage maintained 'buy' call on the stock with a target price of Rs 1,425 per share. The research house expects the near-term stock performance to depend on the company's demand recovery.
10. UBS on Pidilite Industries: The brokerage maintained 'buy' call on the stock with a target price of Rs 1,425 per share. The research house expects the near-term stock performance to depend on the company's demand recovery.
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