Indian shares are likely to open higher on Friday amid expectations the government will soon announce steps to revive the sluggish economy. Meanwhile, Asian shares traded lower as conflicting messages on the Sino-U.S. trade war only added to worries for the global economy. Among brokerages, HSBC upgraded SpiceJet to 'hold' from 'reduce' and raised price target for Marico. Morgan Stanley is 'overweight' on Apollo Hospitals and IPCA Labs. Here are the top brokerage calls for Friday:
HSBC on SpiceJet: The brokerage upgraded the stock to 'hold' from 'reduce' and raised its price target to Rs 130 per share from Rs 120 earlier. HSBC raised its profit forecast for FY20 but cut for FY21-22. Concern about competition risk remains although sliding fuel price should help, it added.
HSBC on Marico: The brokerage maintained 'hold' rating on the stock but raised its target to Rs 420 per share from Rs 400 earlier. June quarter operating performance is impressive in terms of volume growth and earnings, it said, adding that investment case will be driven by structural factors.
Credit Suisse on Glenmark Pharma: The brokerage maintains 'neutral' rating on the stock but cut its target price to Rs 415 per share from Rs 600 earlier. US Recovery will be driven by two new launches in Q2, the brokerage said. It also added that the Novartis deal will help the recovery in Brazil.
Jefferies on IGL: The stock has a 'hold' rating on the stock with a target at Rs 305 per share. Solid volumes are in-line with estimates but margin expansion smaller than peers, it said, adding that double-digit volume growth momentum could continue but further margin expansion looks unlikely.
Morgan Stanley on IPCA Labs: The stock has an 'overweight' rating on the stock with a target at Rs 1,108 per share. The company has stabilised its base business after disruption on FDA issues, the brokerage said, adding that it now appears poised for mid-teens sales growth.
Morgan Stanley on Apollo Hospitals: The brokerage is 'overweight' on the stock with a target of Rs 1,667 per share. All four Of company’s engines are ramping up well and de-leveraging should help in further re-rating of the stock.