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NEW DELHI: Foreign brokerage JPMorgan has initiated coverage on One97 Communications (Paytm) with an 'overweight' rating while CLSA has reduced Tata Motors' rating to 'sell'.
In case of Paytm, JPMorgan believes the company can deliver nearly 60 per cent revenue growth and nearly 10 times expansion in contribution profits. It called Paytm one-of-its-kind "fintech horizontal" given its ability to drive monetisation. JPMorgan said Paytm is unlikely to be replicated by competitors that are mostly vertically focused. The foreign brokerage expects Paytm to sharply beat consensus FY23 and FY24 estimates.
Tata Motors, on the other hand, attracted a sell call from CLSA as the foreign brokerage believes the domestic personal vehicle segment is overvalued and that the subsidiary JLR is running behind in electrification.
The brokerage has a target of Rs 408 on the stock, which included valuation of Rs 150 for its commercial vehicle business and Rs 151 for JLR. The brokerage, though, expects JLR's volume and profitability to recover as supply situation eases for chips.
Meanwhile, Citi has maintained a buy rating on Marico with a target of Rs 640 post the company's Q3 update. Softness in India is offset by international performance, it said, adding that it does not see any material changes to consolidated earnings forecasts. High teen constant currency growth is likely in the December quarter, it said.
In case of Paytm, JPMorgan believes the company can deliver nearly 60 per cent revenue growth and nearly 10 times expansion in contribution profits. It called Paytm one-of-its-kind "fintech horizontal" given its ability to drive monetisation. JPMorgan said Paytm is unlikely to be replicated by competitors that are mostly vertically focused. The foreign brokerage expects Paytm to sharply beat consensus FY23 and FY24 estimates.
Tata Motors, on the other hand, attracted a sell call from CLSA as the foreign brokerage believes the domestic personal vehicle segment is overvalued and that the subsidiary JLR is running behind in electrification.
The brokerage has a target of Rs 408 on the stock, which included valuation of Rs 150 for its commercial vehicle business and Rs 151 for JLR. The brokerage, though, expects JLR's volume and profitability to recover as supply situation eases for chips.
Meanwhile, Citi has maintained a buy rating on Marico with a target of Rs 640 post the company's Q3 update. Softness in India is offset by international performance, it said, adding that it does not see any material changes to consolidated earnings forecasts. High teen constant currency growth is likely in the December quarter, it said.
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