Brokerages bullish on MRF, PNB, HPCL; Dabur target trimmed by several firms
By Arunika Jain Published on May 8, 2025, 07:48 IST
A flurry of brokerage reports has placed multiple Indian stocks under the spotlight today, with several firms receiving fresh targets and ratings from global investment houses. Here's a quick wrap of the key recommendations from leading fund houses:
CLSA has maintained an Accumulate rating on MRF, raising its target price sharply from ₹1,28,000 to ₹1,68,000 per share, indicating a positive outlook. It has also kept an Accumulate call on Punjab National Bank (PNB), hiking the target to ₹120 from ₹80. On Voltas, CLSA has two differing views—while it maintains a Buy call with a target of ₹1,850, it also issues a separate Hold rating with a lower target of ₹1,375.
Citi has reaffirmed its Buy stance on HPCL and Mahanagar Gas Ltd (MGL), raising their target prices to ₹510 and ₹1,700 respectively. However, it retains a Neutral view on Coal India, albeit with a higher target of ₹395, and a Sell rating on PNB, with a ₹91 target.
Emkay has resumed coverage on the Cement sector, initiating Buy ratings on UltraTech Cement, ACC, and JK Cement, reflecting positive sentiment for infrastructure-linked demand recovery.
Dabur India remains a stock of contention, drawing neutral to negative views across brokerages. Jefferies maintains a Buy but slashes the target to ₹590 from ₹660, while Goldman Sachs cuts it to ₹500 from ₹540 with the same rating. CLSA moves from ₹538 to ₹521 with a Hold, and Macquarie remains Neutral with a target of ₹480. In contrast, JP Morgan, Citi, and Morgan Stanley issue negative outlooks, with targets as low as ₹396 (MS: Underweight).
Other notable calls include Nomura's downgrade of Bank of Baroda to Neutral with a ₹235 target, and a Buy on CG Power with a slightly reduced target of ₹825.
As earnings season unfolds, these brokerage reports are expected to influence investor sentiment and market activity across sectors.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors should consult certified financial advisors before making investment decisions.
Arunika Jain, a graduate in Mass Communication, brings a fresh perspective to the world of journalism. Arunika has a passion for writing finance and corporate news at BusinessUpturn.com. You can write to her at [email protected]
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