Brokerage firm Goldman Sachs maintained a neutral rating on TVS Motor, Jefferies maintained a hold on IOC, Morgan Stanley recommended an Equal Weight rating on IOC, Jefferies has a buy rating on DLF and ICICI Securities downgraded Indus Towers.

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

Goldman Sachs on TVS Motor: Neutral| Target Rs 2180

Goldman Sachs maintained a neutral rating on TVS Motor Company post Q3 results but raised the target price to Rs 2180 from Rs 2050 earlier.

The Q3 results were largely in line with estimates. Electric 2W distribution network to double in Q4.

The ongoing buoyancy in rural 2W demand is likely to continue. The management is confident that the domestic 2W industry is poised for 10%+ annual growth.

Jefferies on IOC: Hold| Target Rs 135

Jefferies maintained a hold rating on IOC post Q3 results but raised the target price to Rs 135 from Rs 130 earlier.

The December quarter results were ahead on inventory gains. The refining segment was ahead of estimates, but going forward the profitability might narrow. Elevated marketing profitability could prompt retail price cuts.

Morgan Stanley on Tata Steel: Equal Weight| Target Rs 120

Morgan Stanley maintained an Equal Weight rating on Tata Steel with a target price of Rs 120 post Q3 results.

The company reported stronger demand on the domestic front, but the Europe business remained weak.

The domestic EBITDA was helped by both higher realizations and better costs. The consolidated EBITDA was even better, despite weakness in Europe.

Jefferies on DLF: Target Rs 875

Jefferies maintained a buy rating on DLF post Q3 results with a target price of Rs 875. DLF saw a 15-year high quarterly profit, all-time high pre-sales, and Rs 1000 cr+ FCF generation in Q3.

The updated project pipeline shows launch for FY24 is done. The pipeline for FY25/26 has been increased significantly as the company looks to build on its Gurgaon premium success.

Lease performance stayed steady with 8% YoY rental growth.

ICICI Securities on Indus Towers: Reduce| Target Rs 200

ICICI Securities downgraded Indus Towers to reduce from hold earlier but raised the target price to Rs 200 from Rs 178 earlier.

The cash collection of past dues, and interest on overdue aided cashflow. Going concern status may still be at risk for VIL in the medium term.

The domestic brokerage firm downgraded Indus Tower to Reduce on the recent run-up in the stock price. It slashed EPS estimates by 4% each for FY24/25E on lower other income.

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