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Top brokerage calls for October 18: Citi, CLSA maintain 'sell' on TVS Motor, BofAML cuts target price for Zee

Updated : 2019-10-18 08:25:15

TVS Motor Company has reported a 20 percent jump in its Q2FY20 standalone net profit at Rs 255 crore against Rs 211.31 in the same quarter last year. However, the revenue of the company was down 13 percent at Rs 4,347.8 crore versus Rs 4,993.47 crore. Meanwhile, Zee reported only a 6.9 percent year-on-year growth (YoY) in the September quarter profit at Rs 413.2 crore, impacted by slow revenue growth and weak operating margin. Among brokerages, Citi and CLSA maintained 'sell' call on TVS Motor but raised its target, while Morgan Stanley is 'underweight' on Zee. Here are the top brokerage calls for Friday:

 Citi on TVS Motor:  The brokerage has a 'sell' call on the stock but raised its target to Rs 400 per share from Rs 360 earlier. According to the brokerage, the company's Q2 earnings were a positive surprise driven by margin expansion but outlook remains cautious. Citi raises its EBITDA estimates for the company by 1-4 percent over FY20-22.
Citi on TVS Motor: The brokerage has a 'sell' call on the stock but raised its target to Rs 400 per share from Rs 360 earlier. According to the brokerage, the company's Q2 earnings were a positive surprise driven by margin expansion but outlook remains cautious. Citi raises its EBITDA estimates for the company by 1-4 percent over FY20-22.
 CLSA on TVS Motor:  The brokerage has a 'sell' call on the stock but raised its target to Rs 380 per share from Rs 360 earlier. It said that the company's export outlook has softened due to slowing global economic growth, adding that margin is unlikely to improve much amid weak demand, intense competition.
CLSA on TVS Motor: The brokerage has a 'sell' call on the stock but raised its target to Rs 380 per share from Rs 360 earlier. It said that the company's export outlook has softened due to slowing global economic growth, adding that margin is unlikely to improve much amid weak demand, intense competition.
 Nomura on TVS Motor:  The brokerage has a 'reduce' rating on the stock but raised its target price to Rs 375 per share from Rs 358 earlier. According to the brokerage, the company's Q2 earnings beat estimates on cost reduction, but outlook is weak. Valuations expensive at current levels, it added.
Nomura on TVS Motor: The brokerage has a 'reduce' rating on the stock but raised its target price to Rs 375 per share from Rs 358 earlier. According to the brokerage, the company's Q2 earnings beat estimates on cost reduction, but outlook is weak. Valuations expensive at current levels, it added.
 CLSA on Zee Entertainment:  The brokerage retains 'buy' rating on the stock and raised its target to Rs 320 per share from Rs 290 earlier. According to the brokerage, the company's Q2 revenue was ahead of estimates led by a jump in domestic subscriptions, however, ad revenue growth was muted at 1 percent YoY given an economic slowdown.
CLSA on Zee Entertainment: The brokerage retains 'buy' rating on the stock and raised its target to Rs 320 per share from Rs 290 earlier. According to the brokerage, the company's Q2 revenue was ahead of estimates led by a jump in domestic subscriptions, however, ad revenue growth was muted at 1 percent YoY given an economic slowdown.
 Morgan Stanley on Zee Entertainment:  The brokerage is 'underweight' on the stock with a target at Rs 248 per share. Revenue growth and margin slightly weaker than expected, said the brokerage, adding that the stock will remain volatile until debt issues are resolved.
Morgan Stanley on Zee Entertainment: The brokerage is 'underweight' on the stock with a target at Rs 248 per share. Revenue growth and margin slightly weaker than expected, said the brokerage, adding that the stock will remain volatile until debt issues are resolved.
 BofAML on Zee Entertainment:  The brokerage has a 'neutral' call on the stock but cut its target to Rs 360 per share. It added that incremental driver for stock is not earnings but clarity on stake sale.
BofAML on Zee Entertainment: The brokerage has a 'neutral' call on the stock but cut its target to Rs 360 per share. It added that incremental driver for stock is not earnings but clarity on stake sale.
 Morgan Stanley on L&T Infotech : The brokerage is 'overweight' on the stock with a target at Rs 1,780 per share. In constant currency terms, revenue is up 2.4 percent QoQ versus the forecast of 1.2 percent, said the brokerage. It added that the revenue growth is led by deal ramp-ups in the manufacturing and BFSI segment.
Morgan Stanley on L&T Infotech: The brokerage is 'overweight' on the stock with a target at Rs 1,780 per share. In constant currency terms, revenue is up 2.4 percent QoQ versus the forecast of 1.2 percent, said the brokerage. It added that the revenue growth is led by deal ramp-ups in the manufacturing and BFSI segment.
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