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Global brokerage City remains bullish on Citi
, Maintaining rating of purchases over the counter. However, it has reduced its target price from Rs 1,800 to Rs 1,085, indicating a growth of 25 per cent in the counter from its previous close.
The brokerage believes that weakness in China’s export prices will hurt the company, leading to a 32-34 per cent cut in EBITDA on account of lower realisations.
Tata Steel is trading at a P/B value of 0.8x, which is not less than its mean of 0.7x. However, given the stimulus expectations from China, the stock may not reach the level of 0.5x of 2020.
Another global broking major, JP Morgan, remains overweight
With a target price of Rs 499, the counter is expected to rise by 115 per cent from its previous close of Rs 232.25.
Vedanta recently put up its Tuticorin plant for sale after protests by locals over environmental violations. Shares of Vedanta fell 12 per cent on Monday following the update.
However, JP Morgan believes that the sale of the copper smelter will prove to be a boon for the company. LME aluminum prices are back in Q1 FY22, which is a huge positive sign.
Hong Kong-based brokerage CLSA is bullish on select pharma counters as it believes Indian pharma firms with a global footprint are bound to benefit.
“Companies have expanded their product offerings in both organic and inorganic ways,” CLSA said. It sees a gradual margin expansion, leading to an improvement in the return ratio.
It has started its coverage
An injectable specialist, with a target price of Rs 3,450 per share, indicates a 35 per cent rally in the counter.
It has also started coverage on
Buy rating and target Rs 710 on the stock. However, it has reduced its target price from Rs 2,330 to Rs 2,250.
(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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