Retains reduce call on the stock and cuts target price to Rs 435 from Rs 450 per share as the stock remains least preferred given weak positioning in key markets. Citi maintains sell call with target cut to Rs 440 from Rs 465/share as organic growth in FY18 to remain muted low-single digit levels.
Maintains buy call on the stock with target price increased to Rs 6922 from Rs 6576/ share. It has raised volume estimated by 6 percent/5 percent/4 percent for FY17/18/ 19 on lower demonetization impact volumes.
Remains neutral with target at Rs 84 per share as management indicates absorption of increased commodity costs. It believes increase in commodity costs impacted gross margin during Q3. Morgan Stanley maintains equal-weight with target price at Rs 100/share asmean valuation at 15x fy18 p/e keeps us equal-weight.
Remains neutral on the stock with target price at Rs 194/share. Citi has a buy call on the stock with target at Rs 225/share.
Kotak Mahindra Bank
Citi maintains buy call with a target of Rs 930 per share while the market still awaits growth pick-up. It sees strong earnings momentum going ahead. Nomura expects the bank to deliver 27 percent earnings CAGR over FY17-19.
Increased target price to Rs 620 from Rs 475/share. It says GAIL has sharpest earnings growth in India. It expects GAIL’s earnings to grow 32 % in FY18 and18 percent in FY19.
Credit Suisse maintains outperform with target increased to Rs 450 from Rs 430/share as Q3FY17 is reasonable given the disruption, ex-brand margins, normalization seems quicker than expected.
Maintains neutral call on it with a target price at Rs 63 per share as it believes operating metrics are still not moving in the right direction. It prefers ICICI and SBI in the sector. It is remain cautious with low RoEs and book growth over next 2-3 years.