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Research House: PhillipCapital
Advice: Buy
Stock price: Rs 3,870
1-year Target: Rs 5,700
Potential Upside: 47.3%
Comment: Maintain buy despite missing Q4 estimates due to its strong fundamentals. Moreover, given the performance consistency over the past five years, its valuation multiples will trade on a par with industry leaders.
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Research House: Systematix
Advice: Buy
Stock price: Rs 621
1-year Target: Rs 883
Potential Upside: 42.2%
Comment: Upgrade to buy due to likely revival in demand in the second half of 2024-25. Expectations of strong free cash flows and margin drivers like low gas prices and better plant utilisation are the key strongholds.
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Research House: Antique Stock Broking
Advice: Buy
Stock price: Rs 439
1-year Target: Rs 559
Potential Upside: 27.3%
Comment: Maintain buy as on-ground execution improvement, distribution expansion and margin expansion due to softening of raw material prices is expected to drive revenue and earnings over 2023-24 and 2025-26.
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Research House: ICICI Securities
Advice: Buy
Stock price: Rs 1,058
1-year Target: Rs 1,330
Potential Upside: 25.7%
Comment: Initiate with buy due to support from Tata Motors for digital capability creation. Also, the company’s new energy startup clientele and structural industry drivers like entry barriers, high switching costs and client stickiness will bode well for the company.
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Research House: Axis Securities
Advice: Buy
Stock price: Rs 97
1-year Target: Rs 120
Potential Upside: 23.7%
Comment: Revise from hold to buy as the current valuations factor all negatives. Also, product mix optimisation, recalibrating costs at loss-making subsidiaries and focus on blends business are the key strongholds.
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