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JP Morgan has retained its overweight stance on Zomato following the Blinkit acquisition, which is being seen as a lucrative strategic move by the brokerage firm. Its target price on Zomato is Rs 115, indicating an increase of 75 per cent from its previous close.
It said that Zomato trades with TAM for a break-even timeline. It also anticipates revenue growth of 10, 18 and 19 per cent in FY23, FY24 and FY25, respectively.
Food delivery platform Zomato recently acquired express delivery firm Blinkit (formerly Grofers) for Rs 4,447 crore (about $570 million) in an all-stock deal.
Meanwhile, Citi is bearish on Bajaj Auto, which recently approved buybacks worth Rs 2,500 crore. It has a ‘sell’ rating over the counter with a target price of Rs 3,400, which is almost 12 per cent lower than its previous close.
“Bajaj Auto’s capex has been very low and has a sound dividend policy,” the company said. The broker said the bike maker is also facing difficulties in select export markets.
The two-wheeler maker’s board has approved the share buyback proposal, which will cost no more than Rs 4,600. The company had earlier deferred the proposal on June 14, saying the board needed more time to finalize the details.
International broking player CLSA recently launched coverage on listed campus activewear, a leader in sports and athletic footwear, with a rating of ‘Outperform’ and a target price of Rs 370, indicating a growth of 12 per cent from the previous close. Is.
The broker expects a three-fold jump in revenue and four-fold jump in EBITDA in FY-21-24CL. “Strength in manufacturing and distribution has given the campus a leading position and the company is growing rapidly,” it said.
Also, the brokerage firm Mahindra & Mahindra remains bullish on it. It has maintained a target price of Rs 1,356 on the domestic auto major, indicating a growth of 25 per cent from its previous close.
CLSA said, “The Scorpio-N will be a good value proposition for the customers, boosting the SUV line and adding more market share.” “If the chip is easy to supply, there is room for further improvement.”
Another foreign brokerage Morgan Stanley is positive
With an ‘Overweight’ rating and a target price of Rs.1,032. In the short term, such as the next 15 days, it sees a strong rally in the counter, as the short-term valuation is compelling.
The brokerage said Sun Pharma has declined nearly 12 per cent from its peak and valuations at current levels are quite reasonable. “Growth in the global specialty business will drive growth,” the statement said.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of The Economic Times)
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