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BofA Securities recently launched its coverage on listed logistics services firm Delhivery with a buy rating and target price of Rs 630, adding that the company is in a good position.
“The company is uniquely positioned to acquire shares and build synergies. It is on track for broken EBITDA and free-cash-flow,” the company said.
BofA said the incremental growth drivers for FY23-26 are expecting revenue growth of 40-43 per cent. It is estimated that the express parcel volume of Dehlivari will grow at a CAGR of 33 per cent.
Not only Delhi, BofA has also given a buy rating on
very. It sees the largest domestic carmaker reaching the Rs 9,500 mark and has raised its EPS estimate by 7-9 per cent.
It added that the model cycle, margin tailwind and stable demand could help the counter maintain momentum. “The stock is trading at 24x FY24 P/E, which provides the stock for some catch-up,” it said.
Despite no recovery in volumes, Hong Kong-based brokerage firm CLSA has maintained its outperform rating on Tata Motors with a target price of Rs 453.
“Volumes continue to decline across geographies. JLR volumes are weaker than their counterparts in the US and Europe, and volumes are likely to remain low due to the expected slowdown in the economies,” CLSA said.
However, another global brokerage firm Morgan Stanley remained bearish on Tata Power. It has an ‘underperform’ rating on the stock with a target price of Rs 175 over the counter.
Due to low prospects of monetization in the current macroeconomic environment, it has slashed earnings estimates by 3-10 per cent for FY23-24. “A large portion of earnings growth is driven by the commodities business,” it said.
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