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Bull Vs Bear: Nomura, Jefferies bullish on Bharat Forge; Morgan Stanley underweight

Updated : June 07, 2021 10:31:27 IST

There are more bulls for Bharat Forge than bears, and the bears are bearish because of the valuations.

Nomura has upgraded Bharat Forge to a buy from neutral. They have raised the target price to Rs 924. According to them, there are a lot of medium-term upsides from the defence segment for import substitution and artillery guns. In the defence business, there is a potential of Rs 1,000 crore per year; and the US capex cycle is strong.

Jefferies has a buy with a target price of Rs 925. They see a big turnaround over FY22 to FY23.

However, on the bearish side, Kotak has said that the valuations are too expensive at 32 times FY23. They have a sell with a target price of Rs 485, although they believe that the business is still very strong.

Morgan Stanley has an underweight call with a target at Rs 571.

For more details, watch the video.
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