Leading global brokerage firms have issued updated recommendations and target prices for several prominent Indian companies, including Maruti Suzuki, JSW Energy, Amber Enterprises, TBO Tek, and Lenskart. The calls reflect adjustments based on volume growth, margin expectations, and strategic shifts within these firms.
Citigroup Bullish on Maruti Suzuki, Raises Target
Citigroup has reaffirmed its buy rating on Maruti Suzuki India Ltd., increasing the target price to Rs 19,000 from Rs 18,900. Analysts made minor tweaks to their forecasts, raising the volume growth estimates for the automaker for the fiscal years 2026 through 2028 by 2–3%. This adjustment accounts for the recent strength in the company's sales volumes.
However, they have slightly trimmed margin assumptions, factoring in expectations of somewhat lower gross margins. Consequently, their projections for Maruti's earnings before interest and taxes (EBIT) and overall earnings for FY26 to FY28 have been increased by a modest 0–1%.
CLSA Shifts Stance on JSW Energy to Hold
CLSA has upgraded its rating on JSW Energy to hold from a previous sell, setting a target price of Rs 486. The analysts noted that the stock has underperformed the market by 35% over the past twelve months. They believe this poor performance has already priced in several challenges.
These challenges include a recurring 17% decline in net profit despite thermal power acquisitions, a Supreme Court reversal of a regulatory order that had curtailed its merchant hydro power volume, and higher funding costs from leveraged mergers and acquisitions. To address its aggressive leverage, promoters have stepped in with a Rs 3,000 crore equity injection and a potential for an additional Rs 10,000 crore. While JSW Energy's transition has slowed due to new coal asset additions, CLSA views the stock's current valuation as rich, especially given its thin free float.
Brokerages Bullish on Amber, TBO Tek; Morgan Stanley on Lenskart
In other key analyst actions, Nuvama maintains a buy rating on Amber Enterprises with a target price of Rs 9,100. The company's management has reiterated its guidance, pointing to a strong 13–15 percentage point outperformance versus the industry in consumer durables, excellent traction in electronics, and gradual improvement in its Mobility segment. Deeper backward integration and recent acquisitions are expected to strengthen Amber's capabilities and margin profile in electronics. Factoring in a recent takeover and raw material cost inflation, Nuvama has made a modest 6% and 2% cut to its earnings per share estimates for FY26 and FY27, respectively.
Jefferies has a buy rating on travel platform TBO Tek, raising its target price to Rs 1,950 from Rs 1,800. Analysts highlighted the management's view on the sustained relevance of offline travel agents amid rising demand for luxury and experiential travel. TBO is scaling its AI tools to empower advisors, and partners like Emirates and Hilton value its extensive reach, curated content, and service depth. With investments in key account managers tapering, a margin turnaround is now underway.
Morgan Stanley has initiated coverage on Lenskart Tech with an equal-weight rating and a target price of Rs 445. The analysts described Lenskart as a distinctive investment opportunity tied to shifting lifestyle dynamics, largely insulated from macroeconomic headwinds. They believe the company has the essential elements to become the Essilor Luxottica from India, thanks to its leading market position and fully integrated business model. However, at current price levels, Morgan Stanley considers the stock to be fairly valued.
(Disclaimer: The recommendations and views expressed by the various brokerages are their own and do not represent the views of this publication. Investors are advised to consult certified experts before making any investment decisions.)
