Brokerage Views: Tech Mahindra, Larsen & Toubro, PNB, BPCL, GAIL in focus today

The majority of the brokerages are divided on Tech Mahindra and Punjab National Bank (PNB) stocks a day after their December quarter earnings.

Most brokerages are upbeat on Larsen & Toubro, Bharat Petroleum, GAIL and Exide Industries following the earnings announcements by the companies. They are divided on Tech Mahindra and Punjab National Bank (PNB).

Here's what brokerages JPMorgan, Morgan Stanley, CLSA and CITI recommend on some of the key stocks today:

Larsen & Toubro (L&T)

CLSA, Goldman Sachs, Jefferies, Citi and Nomura each maintained a ‘buy’ rating on the L&T stock, a day after the construction major reported a mixed set of results. JPMorgan and Credit Suisse retained ‘overweight’ and 'outperform’ ratings respectively.

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The company's strong order flow was driven by domestic demand, according to analysts.

Brokerages	Rating	Price Target
CLSA	Buy	INR 2570
JP Morgan	Overweight	INR 2330
Goldman Sachs	Buy	INR 2550
Credit Suisse	Outperform	INR 2500
Jefferies	Buy	INR 2650
Nomura	Buy	INR 2540
CITI	Buy	INR 2630

Tech Mahindra

A day after the IT major reported a set of financial results that met analysts' expectations, brokerages are divided on Tech Mahindra.

JPMorgan, Citi and Macquarie each maintained a ‘neutral’ rating, and HSBC and Jefferies each retained a ‘hold’.

Brokerages	Rating	Price Target
CLSA	Reduce	INR 1100
JP Morgan	Neutral	INR 1100
Morgan Stanley	Overweight	INR 1120
HSBC	Hold	INR 975
Jefferies	Hold	INR 1030
Nomura	Buy	INR 1260
CITI	Neutral	INR 1025
Macquarie	Neutral	INR 1110

BPCL

CLSA and Jefferies each held a ‘buy’ rating on BPCL shares with target prices of Rs 405 and Rs 445 respectively, a day after the state-run oil marketing company reported a quarterly profit after two back-to-back quarters of losses.

Brokerages	Rating	Price Target
CLSA	Buy	INR 405
Jefferies	Buy	INR 445

GAIL

According to Citi, GAIL's quarterly numbers were disappointing across segments. The brokerage, however, added that the earnings have likely bottomed out, as it upgraded GAIL to 'buy' from 'neutral' with a target price of Rs 110.

Jefferies maintained a ‘hold’ on GAIL with a target price of Rs 90 apiece, highlighting the company's challenged near-term earnings outlook.

Brokerages	Rating	Price Target
CLSA	Buy	INR 110
CITI	Buy	INR 110
Jefferies	Hold	INR 90
Macquarie	Outperform	INR 125

Punjab National Bank (PNB)

Brokerages are largely bullish on PNB after the state-run lender reported its financial results for the quarter ended December 2022.

Brokerages	Rating	Price Target
Morgan Stanley	Equalweight	INR 60
CITI	Sell	INR 35
JP Morgan	Overweight	INR 72

Exide Industries

Brokerages	Rating	Price Target
Nomura	Buy	INR 226
CITI	Buy	INR 265
JP Morgan	Overweight	INR 225

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