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NEW DELHI: Foreign brokerage JPMorgan says is the best proxy in India to play on rising crude oil prices.
Jefferies is not so optimistic on India metals as 2022 begins. Among other key rating updates, Citi has maintained its 'buy' rating on Jubilant Foodworks as it believes the stock is for long-term investors.
Reliance Industries has cemented an 'overweight' view, this time by Morgan Stanley.
In case of steel stocks, Jefferies has downgraded to hold from buy rating and JSW Steel to underperform from buy. The brokerage has set a target of Rs 1,240 for Tata Steel and Rs 600 for JSW Steel. Weak macro and demand concerns are weighing on metals prices, it said, adding that risk-reward is unfavourable when compared with last year, even as easing policy could lift Chinese demand. While cutting Tata Steel FY23 EPS target by 18 per cent and JSW Steel's by 26 per cent, Jefferies said it prefers aluminium and that Hindalco is its top pick.
In the case of oil & gas sector, JPMorgan said 2022 is the year of upstream. Overall, the investor positioning is broadly underweight, it said, while suggesting a buy on ONGC with a target of Rs 235. Reliance Industries, on the other hand, saw Morgan Stanley maintaining its overweight stance on the stock, with a target of Rs 2,925. Refining and retail will drive growth in upcoming earnings, it said. Gas production will be an earnings tailwind, it said.
In the consumption space, Citi has maintained its buy on Jubilant Foodworks with a target of Rs 4,750, as it believes that the recent stock price pullback is an enhanced buying opportunity. There is further scope to drive pizza consumption, it said while expecting Jubilant to deliver healthy medium term earnings growth.
Jefferies is not so optimistic on India metals as 2022 begins. Among other key rating updates, Citi has maintained its 'buy' rating on Jubilant Foodworks as it believes the stock is for long-term investors.
Reliance Industries has cemented an 'overweight' view, this time by Morgan Stanley.
In case of steel stocks, Jefferies has downgraded to hold from buy rating and JSW Steel to underperform from buy. The brokerage has set a target of Rs 1,240 for Tata Steel and Rs 600 for JSW Steel. Weak macro and demand concerns are weighing on metals prices, it said, adding that risk-reward is unfavourable when compared with last year, even as easing policy could lift Chinese demand. While cutting Tata Steel FY23 EPS target by 18 per cent and JSW Steel's by 26 per cent, Jefferies said it prefers aluminium and that Hindalco is its top pick.
In the case of oil & gas sector, JPMorgan said 2022 is the year of upstream. Overall, the investor positioning is broadly underweight, it said, while suggesting a buy on ONGC with a target of Rs 235. Reliance Industries, on the other hand, saw Morgan Stanley maintaining its overweight stance on the stock, with a target of Rs 2,925. Refining and retail will drive growth in upcoming earnings, it said. Gas production will be an earnings tailwind, it said.
In the consumption space, Citi has maintained its buy on Jubilant Foodworks with a target of Rs 4,750, as it believes that the recent stock price pullback is an enhanced buying opportunity. There is further scope to drive pizza consumption, it said while expecting Jubilant to deliver healthy medium term earnings growth.
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