Brokerage firm CLSA maintained a buy on Amber Enterprises and Macquarie remained neutral on Nestle India. HSBC downgraded HUL to hold and Motilal Oswal upgraded PNB Housing Finance to buy.

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

CLSA on Amber Enterprises: Buy| Target Rs 3650

CLSA maintained a buy rating on Amber Enterprises with a target price of Rs 3650. Q2 margins are tepid but the outlook is strong.

The medium-term growth guidance for non-RAC segments remains robust, and the ability to ramp up new segments would be key for re-rating.

Macquarie on Nestle India: Neutral| Target Rs 22,700

Macquarie maintained a neutral rating on Nestle India with a target price of Rs 22,700. Nestle to host a physical analyst meet on October 25.

The global investment bank hopes to gain clarity on –
a) Near-term demand/ input-cost outlook
b) Understand the strategic thought on innovation
c) Next steps on “Rurban” expansion/ royalty agreement
d) Commissioning timelines for the large capex planned over the next two years

HSBC on HUL: Hold| Target Rs 2,700
HSBC downgraded Hindustan Unilever to hold from a buy earlier and slashed the target price to Rs 2,700 from Rs 2950 earlier.

Lacklustre Q2 performance hasn’t helped with areas of weakness persisting in the portfolio. Unless markets turn deeply risk-averse, they see little upside.

Motilal Oswal on PNB Housing Finance: Buy| Target Rs 950
Motilal Oswal upgraded PNB Housing Finance to a buy with a revised target price of Rs 950. PNB Housing Finance reported 46% YoY growth in 2QFY24 PAT to Rs 380 crore (In line). This was aided by ~90% QoQ increase in the other income and ~10bp QoQ decline in credit costs to ~0.3%.

Over the past year, PNBHF has transformed its business model toward Retail and reduced its corporate loan book to ~4% of the AUM mix. It targets to scale up affordable housing quarterly disbursements to Rs 10b in the short term.

PNB Housing has levers for NIM improvement through product diversification and potential decline in the borrowing costs. Asset quality improvement has made it eligible for NHB borrowings, and a potential credit rating upgrade will provide even better access to primary debt markets.

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