Brokerage calls: Macquarie and Morgan Stanley have maintained their 'outperform' ratings on Maruti Suzuki, whereas Kotak Institutional Equities has continued with its 'sell' call. CLSA and Citi have 'buy' ratings on Cipla. Here's the complete list of brokerage views today:
Kotak Institutional Equities on Maruti Suzuki | The brokerage maintained a 'sell' call on the stock with a target price of Rs 7,800. The carmaker's Q3 EBITDA was 16 percent above expectations due to its cost-reduction efforts, according to Kotak Institutional Equities.
Macquarie on Maruti Suzuki | The brokerage has maintained an 'outperform' rating on the stock with a target price of Rs 9,753. The company's sequential expansion on the gross and EBITDA margin fronts drove its solid Q3 earnings beat, according to Macquarie. The brokerage raised its FY23 earnings forecast for Maruti Suzuki.
CLSA on Cipla | The brokerage retained a 'buy' rating on the stock with a target price of Rs 1,150. The company's Q3 performance was in line with estimates as its strong sales in India and the US offset weak international sales elsewhere, according to CLSA.
Credit Suisse on Maruti Suzuki | The brokerage has maintained an 'outperform' rating on Maruti Suzuki with a target price of Rs 10,389. The Credit Suisse has raised its FY23 and FY24 targets for the auto maker by 3-4 percent.
Morgan Stanley on Maruti Suzuki | The brokerage has continued with its 'outperform' rating on Maruti Suzuki with a target price of Rs 10,600. The company's low inventory, strong orderbook and new model cycle will drive its volume growth, according to Morgan Stanley. The brokerage has raised its FY24 earnings per share estimate for Maruti Suzuki by 11 percent.
Citi on Maruti Suzuki | The brokerage has retained its 'outperform' call on the stock with a target price of Rs 10,000. The auto maker reported a strong set of Q3 earnings with a significant beat on the EBITDA, EBIT and profit fronts, according to Citi.
Goldman Sachs on Maruti Suzuki | The brokerage continued with its 'outperform' rating on the stock with a target price of Rs 10,100. Goldman Sachs said the company's Q3 beat was led by a combination of expense control and consistent price hikes. The brokerage likes Maruti Suzuki's new product pipeline.
CLSA on Maruti Suzuki | The brokerage has retained a 'sell' call on the stock with a target price of Rs 6,440. The brokerage expects the auto major's near-term volume trajectory to improve on the back of its pending orderbook and easing of the chip shortage. CLSA believes headwinds in the form of tighter safety norms may hurt the company's market share in the second half of FY23 and in FY24.
Jefferies on Cipla | The brokerage kepy a 'buy' rating on Cipla with a target price of Rs 1,093. The pharma company's Q3 revenue was in line but EBITDA as well as profit were three percent below estimates, according to Jefferies.
Citi on Cipla | The brokerage continued with a 'buy' call on Cipla with a target price of Rs 1,120. The company's Q3 EBITDA and profit were six and seven percent ahead of estimates respectively, according to Citi, which expects Maruti's earnings growth to remain strong even on a high base of FY22.
Jefferies on Zomato | The brokerage has a 'buy' call on the stock with a base case target price of Rs 175. The company's growth contrast through the pandemic shows an interesting trend for Zomato in coparison to its peers, according to Jefferies. Despite a correction, Zomato's valuation premium stays high compared to global peers, it added.