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Top brokerage calls for October 3: Morgan Stanley downgrades Future Consumer; Citi raises target price for NMDC

Updated : 2019-10-03 08:07:24

Indian shares are likely to open in red on Thursday, following Asian peers, amid growing global growth fears after New York markets slumped overnight. US President Donald Trump opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union. Investors also awaited the Reserve Bank of India's policy decision due on Friday. Among brokerages, Jefferies remains cautious on auto space, while Citi is 'neutral' on NMDC. Here are the top brokerage calls for Thursday:

 Morgan Stanley on Future Consumer : The brokerage downgraded the stock to 'equal weight' from 'overweight' and cut its target to Rs 28 from Rs 82 per share. Elevated working capital forced the brokerage to re-evaluate the valuation benchmark, it said.
Morgan Stanley on Future Consumer: The brokerage downgraded the stock to 'equal weight' from 'overweight' and cut its target to Rs 28 from Rs 82 per share. Elevated working capital forced the brokerage to re-evaluate the valuation benchmark, it said.
 Jefferies on auto sales:  Wholesales remained weak across most auto segments in September, the brokerage said, adding that medium and heavy commercial vehicles (MHCVs) saw the sharpest cut of nearly 70 percent while two-wheeler and passenger vehicles were down over 20 percent. The brokerage expects significant cuts to FY20 consensus estimates in Ashok Leyland and Maruti Suzuki.
Jefferies on auto sales: Wholesales remained weak across most auto segments in September, the brokerage said, adding that medium and heavy commercial vehicles (MHCVs) saw the sharpest cut of nearly 70 percent while two-wheeler and passenger vehicles were down over 20 percent. The brokerage expects significant cuts to FY20 consensus estimates in Ashok Leyland and Maruti Suzuki.
 Citi on NMDC:  The brokerage is 'neutral' on the stock but raised its target price to Rs 95 per share from Rs 80. Citi continues to expect the downside to the stock price in the near-term, however, it added that changes in mineral rules should likely support the stock.
Citi on NMDC: The brokerage is 'neutral' on the stock but raised its target price to Rs 95 per share from Rs 80. Citi continues to expect the downside to the stock price in the near-term, however, it added that changes in mineral rules should likely support the stock.
 Citi on Vedanta : The brokerage is bullish on the stock but cut its target price to Rs 180 per share from Rs 200 earlier. Company-specific triggers are access to HZL’s cash, dividend, and potential monetisation of oil-producing assets.
Citi on Vedanta: The brokerage is bullish on the stock but cut its target price to Rs 180 per share from Rs 200 earlier. Company-specific triggers are access to HZL’s cash, dividend, and potential monetisation of oil-producing assets.
 Nomura on Cummins India:  The brokerage is 'neutral' on the stock but raised its target price to Rs 643 per share from Rs 605. It raised the company's FY20-22e EPS by 2-6 percent on tax rate reduction, however, operationally the situation continues to be challenging, it added.
Nomura on Cummins India: The brokerage is 'neutral' on the stock but raised its target price to Rs 643 per share from Rs 605. It raised the company's FY20-22e EPS by 2-6 percent on tax rate reduction, however, operationally the situation continues to be challenging, it added.
 CLSA on Inox Leisure:  The brokerage is bullish on the stock and raised its target price to Rs 410 per share from Rs 402 earlier. The brokerage expects strong content in Q2 to lead to a 35 percent growth in footfalls. Q2 profit may see a growth of nearly two times, it added. Strong content and corporate tax rate cuts are key positives.
CLSA on Inox Leisure: The brokerage is bullish on the stock and raised its target price to Rs 410 per share from Rs 402 earlier. The brokerage expects strong content in Q2 to lead to a 35 percent growth in footfalls. Q2 profit may see a growth of nearly two times, it added. Strong content and corporate tax rate cuts are key positives.
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