stock recommendations: Hot Stocks: Global brokerages on Cummins India, Paytm, and Jubilant FoodWorks post Q2 results

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:


BofA on Cummins India: Buy | Target Rs 1578

BofA Securities maintained a buy rating on Cummins India with a target price of Rs 1578. Earnings beat on margin expansion, and the exports holding remain strong, the brokerage said.

BofA said that the EBITDA beat was led by margin expansion and robust sales. The domestic outlook remains strong, it added.

Goldman Sachs on Paytm: Buy | Target Rs 1100

Goldman Sachs maintained a buy rating on Paytm with a target price of Rs 1,100. The September quarter numbers were better than expected, across both topline and EBITDA, the brokerage said.

The global investment bank raised estimates for Paytm on the back of results. It sees consistent improvement in profitability as a key catalyst, it said.

Jefferies on FoodWorks: Hold | Target Rs 600

Jefferies maintained a hold rating on Jubilant FoodWorks with a target price of Rs 600. Sluggish growth and margin headwinds have been playing out in tandem, Jefferies said.

The brokerage said that Jubilant’s standalone PAT declined by 3% on a YoY basis. A combination of high inflation and rising competition is impacting Domino’s, it added.

JPMorgan on Bharat Forge: Neutral | Target Rs 865

JPMorgan initiates coverage on Bharat Forge with a neutral rating and a target price of Rs 865.

The management forecasts a cyclical recovery in India. Potential order wins in defense could surprise positively, the brokerage said in a note.

The global investment bank estimates that a 20% probability is being built at the current stock price. “Our FY24-25 EPS is 11-17% below consensus. The stock trades at FY24 EV/EBITDA of 17x,” the note added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)