What CLSA says on Sun Pharma, M&M; Credit Suisse on Bharat Forge

NEW DELHI: Credit Suisse finds Bharat Forge's valuations benign at 18 times FY24 earnings. CLSA maintained its 'buy' rating on , even as the Q4 margin was a miss due to higher OPEX. This brokerage also maintained its 'buy' stance on Mahindra & Mahindra (M&M) amid positive commentary on the outlook.

Credit Suisse said there is an underappreciated strength in auto exports while suggesting Indian CV sales have gone through a deep and long downcycle. The brokerage has a target of Rs 903 on the stock.

On Sun Pharma, CLSA said FY23 revenue guidance was in-line with expectations led by speciality ramp up. The normalisation of expenses and higher input costs impacted profitability, it said. The brokerage has a target of Rs 1,060 on the counter.

CLSA said easing commodity cost pressure will drive M&M margins. The capacity addition at M&M will meet demand, the global brokerage said, finding M&M's growth commentary positive. The brokerage has a target of Rs 1,257 on the stock.

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