Brokerage Views: Citi, Jefferies On UltraTech, Morgan Stanley On Trent And More

Brokerages have UltraTech Cement Ltd., Coromandel International Ltd. and L&T Finance Ltd. on their radar following the release of these companies' fourth-quarter earnings. Analysts are also tracking Mahindra Lifespace Developers Ltd. after it released financial reports for the quarter and year ended March.

NDTV Profit is tracking what the brokerages are putting out on specific stocks. Here are all the top calls from the brokerages that you need to know about on Tuesday.

• Citi Research maintains 'buy' on UltraTech Cement and raises target price to Rs 11,700 apiece.

• Q4 Ebitda ahead of brokerage estimates on higher volumes and better costs.

• Expects 12% volume CAGR through FY24–27.

• Management expects FY25 demand to moderate below 9% but remain in high single digits.

• Company on track to achieve 200 MT capacity.

• Expects ROCE to rise from an average 13% to 16%/17%.

• Jefferies maintains 'buy' on UltraTech Cement and lowers target price to Rs 11,500 apiece from Rs 11,560 previously.

• Q4 Ebitda beat brokerage estimates.

• Management expects stable pricing.

• Trims FY25 Ebitda estimates by 2%, retains FY26 estimates.

• Motilal Oswal maintains 'buy' on UltraTech Cement at Rs 11,500 target price.

• Fourth-quarter operating performance 9% above brokerage estimate.

• Management pegged FY25 capex at Rs 9,500 crore.

• Improving earnings, strong balance sheet, leadership position warrants higher multiples.

• Emkay maintains 'buy' on UltraTech Cement at Rs 11,200 target price.

• Q4 operating performance was better than expected.

• FY27's capacity target to enable industry leading volume growth.

• Cuts FY25 Ebitda estimates by 4% on building lower realisations.

• Raises FY26 Ebitda estimates by 3% by integrating Kesoram financials.

• Kotak Institutional Equities maintains 'sell' Tata Chemicals Ltd. with a target price of Rs 770 apiece.

• Weak earnings. led by pricing pressure on soda ash across geographies.

• Earnings to stay near current run-rates in FY25, led by continued oversupply.

• Management suggested bottoming out of prices but no signs of recovery.

• Remains concerned about capacity expansion in China and the US.

• Hopes around large expansion into battery chemicals seen misplaced.

• Motilal Oswal maintains 'buy' on L&T Finance at Rs 210 target price.

• Q4 earnings miss due to additional provisions of Rs 175 crore on security receipts.

• Asset quality improved sequentially; provisioning coverage broadly stable.

• Investments in automation, security, e- aggregator partnerships to lead to stronger retail loan growth.

• Expects total loan/net-profit CAGR of 26%/35% over FY24-26.

• Morgan Stanley has an 'equal weight' rating on Trent Ltd. with a target price of Rs 3,675 apiece.

• Q4 beat on the top line and margins.

• Beat was led by better-than-expected fashion top line and margins.

• Uncharted execution on growth and profitability in FY24 increases conviction in growth sustainability.

• Company had higher proceeds from the sale of assets of Rs 3.4 billion in FY24 versus an average Rs 1.2 billion during the past three years.

• Nuvama Wealth maintains a 'buy' on Trent, with a target price of Rs 4,926 apiece.

• Stellar performance with standalone Ebitda beat of 6%.

• Revenue growth momentum sustained at 50%-plus year-on-year.

• Star’s performance remains robust

• Factors in higher gross margins drives 5% PAT upgrade

• Awaits clarity on lease liability adjustments, believes could be related to franchising

• Motilal Oswal maintains 'buy' on Coromandel International at Rs 1,400 target price.

• Subdued demand hurt Q4 operating performance but beat brokerage estimates.

• Operating performance of fertiliser business to remain subdued in the first half of fiscal 2025.

• Expects performance of crop protection business to improve from Q1.

• Maintains FY25/26 earnings estimates.

• Motilal Oswal maintains 'neutral' rating on Mahindra Lifespaces at Rs 600 target price.

• Strong year-end performance, but low traction at existing projects in Q4 leads to miss in pre-sales.

• Contribution of new Pune and Chennai launches to be reflected in Q1.

• Firm well poised to sustain booking momentum. given a healthy project pipeline.

• Estimates value of existing pipeline at Rs 4,000 crore.

• Near term growth potential is already factored into current price.

• Motilal Oswal Poonawalla Fincorp reiterates a 'buy' on Poonawalla Fincorp, with a target price of Rs 570 apiece.

• Healthy momentum in disbursements; AUM rises 55% YoY

• Asset quality remains pristine

• Nomura maintains 'buy' on Birlasoft with a target price of Rs 860 apiece from 950, implying a potential upside of 27%.

• Q4 FY24 revenue and margins were below its estimates.

• One-time benefit of the $2 million received as insurance claim made with regard to erstwhile Invacare engagement, included in other income.

• Discretionary slowdown is expected to hurt near-term growth.

• Number of active clients declined to 259 with continued client mining and pruning initiatives.

• Weak total contract value will limit near-term revenue growth.

• Morgan Stanley has an 'overweight' rating on PNB Housing Finance.

• Cuts price target to Rs 1,075 from earlier Rs 970, implying a potential upside of 28%.

• Profit after tax beat estimates on stronger disbursement-linked fee income, lower credit costs and bad loan recoveries.

• Raises FY25/26/27 EPS estimates by 5%/2%/4%.

• Expects higher loan growth, higher fee income, lower credit costs, offset by higher operating costs.