Hot Stocks: Brokerages on Bajaj Finance, HDFC Bank, Bharat Forge and CarTrade
Bajaj Finance, Macquarie maintained an outperform rating on HDFC Bank, Nomura retained a buy rating on Bharat Forge and it has a buy rating on CarTrade.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
BofA on Bajaj Finance: Buy| Target Rs 8750
BofA Securities maintained a buy rating on Bajaj Finance with a target price of Rs 8750. The company has multiple levers to support growth.
The focus is on diversification.
It has taken proactive action on unsecured growth, and the FY24 target remains intact.
Macquarie on HDFC Bank: Outperform| Target Rs 2110
Macquarie maintained an outperform rating on HDFC Bank with a target price of Rs 2110.
The global investment bank is of the view that the elephant will dance, and investors need to be patient.
The near-term pressures could be there, but investors should look beyond FY24.
The management is confident of doubling the balance sheet in the next 4-5 years. HDFC Bank is the top pick in the sector.
Nomura on Bharat Forge: Buy| Target Rs 1157
Nomura maintained a buy rating on Bharat Forge with a target price of Rs 1157.
The defense segment is witnessing a sharp ramp-up in FY24-25.
The company has the potential to be a leading defense exporter. It is on an exponential growth path in the defense exports space.
The stock trades at 14x FY25 EV/EBITDA.
The valuation remains attractive given the 31% EPS CAGR over FY 24-26.
Nomura on CarTrade: Buy| Target Rs 678
Nomura maintained a buy rating on CarTrade with a target price of Rs 678. It plans to continue to operate the acquired businesses under the OLX brand.
The global investment bank sees a limited cannibalization of existing CarTrade businesses.
