Bank of America Securities has a buy rating on Tata Motors' commercial vehicle segment with a target price of Rs 470. Analysts noted that while the commercial vehicle cycle debate continues, market share trends are improving. The company is gaining market share in heavy commercial vehicles and small commercial vehicles through platform refreshes and new launches. Additionally, the company's focus on margins over growth remains intact despite near-term cost pressures, supported by pricing discipline, product mix, cost control, and non-truck revenues. Upsides from Iveco depend on the European Union light commercial vehicle recovery, sourcing and capital expenditure synergies, and balance sheet deleveraging.
JP Morgan has an overweight rating on Dixon Technologies with a target price of Rs 12,700. Analysts indicated it is time to revisit the Vivo joint venture approval scenario. The company highlighted that Vivo has annual volumes of 3.5 crore in India, of which 67 percent will be directed to Dixon, amounting to 2.2 crore units. According to management, the joint venture could lead to a revenue uplift of Rs 30,000 crore, with a higher average selling price compared to the existing mobile portfolio. If the joint venture is approved in June, operations could start after 60–90 days during the October–December quarter (Q3FY27). Analysts said this could contribute 1.1 crore to mobile volumes in FY27 and 2.2 crore in FY28. This could drive a 24–39 percent upgrade to revenue estimates over FY27–FY28 but a lower 13–18 percent earnings per share upgrade due to the 51:49 joint venture format that drives minority interest.
Citigroup has a buy rating on Pine Labs with a target price of Rs 235. Analysts met the company's management and noted that the company has provided growth guidance of 21–23 percent year on year. Its business-to-business fintech segment is experiencing an improving monetization environment from a competitive perspective, and Pine Labs has the opportunity to increase attach rates across its merchant, bank, and brand partnerships. Analysts expect an 18.5 percent top-line compounded annual growth rate over FY26–FY28, with adjusted earnings before interest, taxes, depreciation, and amortisation margins expanding to 26 percent in FY27 and 30 percent in FY28, compared to 21 percent in FY26.
Jefferies has a buy rating on PB Fintech (Policybazaar) with a target price of Rs 1,950. Analysts noted that PB Fintech has de-rated about 20 percent over the last six months due to concerns around commission regulations and founder exit, despite largely unchanged consensus earnings. The stock's estimated price already factors in a 10 percent commission cut. Furthermore, the business model is unlikely to change, with renewal profitability unchanged. Risks from founder stake sale may be overdone, as business management teams are well-entrenched, analysts said.
Motilal Oswal Securities maintained its buy rating on JSW Steel with a target price of Rs 1,520. Analysts said the company's growth is expected to be driven by significant volume increases from new capacity ramp-ups. Its backward integration initiatives are expected to drive meaningful cost savings. The company's focus on enhancing the Value-Added and Special Products portfolio will boost margins. They also projected double-digit revenue expansion through FY27–FY28, supported by increased capacity and pricing recovery. EBITDA per tonne is expected to rebound to about Rs 14,000 by FY28, aided by domestic steel price recovery following the implementation of safeguard duties.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
