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We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Citigroup on Federal Bank: Buy| Target Rs 160
Citigroup maintained a buy rating on Federal Bank with a target price of Rs 160 on expectations of net interest margins (NIMs) bottoming out sooner than expected.
Quicker term deposit repricing, scale-up of high-yielding products, and proposed equity infusion should support NIMs in the coming quarters.
The proposed equity infusion during the quarter should provide growth capital. Valuations at <1x FY25E book for 1.2- 1.3% RoA, 13-15% ROE, and 16-18% asset growth look inexpensive.
Jefferies on HDFC Bank: Buy| Target Rs 2100
Jefferies maintained a buy rating on HDFC Bank with a target price of Rs 2100. It is amongst the fastest growing and highest ROE in the $100 bn mkt cap club.
The asset growth was led by housing, CRB, and consumption retail. The deposit mobilisation remains key and the franchise is delivering.The global investment bank expects a 17% CAGR in profit, ROA of 1.9%, and ROE of 16%.
Morgan Stanley on Avenue Supermarts: Equal-Weight| Target Rs 3786
Morgan Stanley maintained an Equal-Weight rating on Avenue Supermarts with a target price of Rs 3786. Margin miss for fourth quarter in a row in Q1.
The top-line growth moderated and EBITDA margins were below estimates. Lower demand for better-margin general merchandise and apparel categories remains a key challenge.
Nomura on Bandhan Bank: Buy| Target Rs 270
Nomura maintained a buy rating on Bandhan Bank with a target price of Rs 270. The company reported a weak quarter, and the net profit beat was aided by lower PCR.
NPLs pick-up in 1QFY24, with lower PCR. A pick-up in growth outlook is essential for re-rating.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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