Tuesday's top brokerage calls: PNB, IndiGo and more

SUMMARY

Among brokerages, CLSA upgraded Punjab National Bank to 'outperform' from 'sell' while Credit Suisse remained bullish on IndiGo. Jefferies and Morgan Stanley are mixed on non-banking lender Shriram Transport. Here's a look at the top brokerage calls for today:

By CNBCTV18.comJun 8, 2021 8:10:06 AM IST (Published)

CLSA on PNB: The brokerage has upgraded the stock to 'outperform' from 'sell' with a target at Rs 47 per share. However, it said that given low RoE expectations from the lender, it prefers SBI, ICICI Bank and Axis Bank in the space.

Credit Suisse on IndiGo: The brokerage maintains an 'outperform' call on the stock with a target at Rs 2,100 per share. It is bullish on positioning, structural cash flows and opportunity.

Jefferies on Shriram Transport: The brokerage has an 'underperform' rating on the stock with a target at Rs 1,130 per share. However, it believes a fundraising exercise will help raise Tier-I CAR by 100 bps and can support growth/ratings.

Morgan Stanley on Shriram Transport: The brokerage is 'overweight' on the stock with a target at Rs 2,000 per share. It said that the promoter will invest Rs 500 crore via equity shares and warrants.

Credit Suisse on Cement: The brokerage expects profitability for the cement sector to improve as pet coke declines with other commodities. It is positive on UltraTech Cement and Ambuja Cement.

CLSA on Insurance: As per the brokerage, May was a tough month for Insurance companies as individual APE dropped 29 percent YoY. It prefers Max Financial and SBI Life in the insurance space.