Tata Motors Ltd., Waaree Energies Ltd. and Patanjali Foods Ltd. were among the top companies on brokerages’ radar on Tuesday.

Jefferies initiated a ‘hold’ rating for Sai Life Sciences Ltd. On the other hand, Citi has upgraded Gujarat State Petronet Ltd. from ‘sell’ to ‘buy’, while maintaining its target price.

In addition, Jefferies has hiked the target price for JSW Energy Ltd. but maintained a ‘buy’ rating, while BofA has maintained a ‘buy’ rating for Bajaj Auto Ltd., with an optimistic view on its growth perspective.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Monday.

HSBC On Tata Motors

  • HSBC upgraded its rating on Tata Motors to ‘buy’ from ‘hold’, but lowered the target price to Rs 840 from Rs 930.

  • Tata Motors is now valued at an undemanding level, with margin growth triggers on the horizon.

  • The reduction in discounts and warranty costs in JLR, along with a recovery in the domestic SCV business, are expected to drive margin expansion.

  • JLR achieving its guidance in the fourth quarter is seen as a trigger for a re-rating of the stock.

  • New launches in the domestic PV market should help Tata Motors increase its market share.

  • The valuation de-rating in the last two-three quarters makes the stock’s current price look reasonable.

Jefferies On Waaree Energies

  • Jefferies initiated a ‘hold’ rating on Waaree Energies with a target price of Rs 2,030.

  • Waaree is India’s largest photovoltaic module maker.

  • The economics of module makers are benefiting from policy tailwinds.

  • Domestic oversupply could dampen non-DCR economics by financial year 2028.

  • US module self-sufficiency could limit export opportunities by 2028.

  • Waaree’s exports and backward integration remain highly profitable, as long as shortages persist.

  • Profitability is expected to normalise starting from financial year 2028E.

  • Demand and policy changes are key risks that could influence the upside or downside.

Jefferies On Patanjali

  • Jefferies initiated a ‘buy’ rating on Patanjali with a target price of Rs 2,050.

  • Patanjali has evolved beyond its focus on edible oils, expanding into a diversified consumer franchise.

  • The company is scaling up both organically and through the acquisition of margin-accretive portfolios from its parent at attractive valuations.

  • The focus is on enhancing distribution, premiumisation, and brand building.

  • Jefferies expects Patanjali to deliver near double-digit top-line growth, along with margin expansion.

Jefferies On Sai Life Sciences

  • Jefferies initiates a ‘hold’ rating on Sai Life Sciences with a target price of Rs 720.

  • Sai Life is an innovator-focused integrated Contract Development and Manufacturing Organization player.

  • The company’s healthy track record differentiates it from its peers in the industry.

  • Favourable industry dynamics, a healthy molecule pipeline, and adequate capacities should drive revenue and Ebitda growth at a CAGR of 15% and 29%, respectively, over financial year 2025-27.

  • Sai Life is currently trading at a high valuation of 32 times and 26 times financial year 2026/27 pre-Ind AS EV/Ebitda.

  • The upside potential appears limited at this time.

Jefferies On JSW Energy

  • Jefferies maintained a ‘buy’ rating on JSW Energy and raised the target price to Rs 700 from Rs 680.

  • Power demand is expected to grow by 6%, with capacity limits providing a downside safeguard for earnings.

  • The company’s net debt trajectory is expected to improve after financial year 2027.

  • JSW Energy is forecast to achieve a 36% Ebitda CAGR in financial year 2024-27E and 24% CAGR in financial year 2024-30E.

BofA On Bajaj Auto

  • BofA maintained a ‘buy’ rating on Bajaj Auto with a target price of Rs 8,900.

  • The brokerage is optimistic about growth, with multiple new segments in development.

  • Domestic volumes are expected to pick up in the first quarter.

  • Exports are expected to offer significant growth opportunities.

Citi On Gujarat State Petronet

  • Citi has upgraded Gujarat State Petronet from ‘sell’ to ‘buy’, maintaining the target price at Rs 325, which represents a 20% upside.

  • The approval from PNGRB for the new Anjar-Palanpur pipeline is a key positive development for the company.

  • The new pipeline will have a capacity of 12 million standard cubic meters per day (mmscmd) and involve a capital expenditure of Rs 2,100 crore.

  • GSPL’s new pipeline is expected to increase competition for Petronet’s Dahej terminal.

  • The new pipeline is expected to help reverse the company’s previous 47% tariff cut in the long term.

  • Once all expenditures are incurred, the pipeline is expected to bring upside to the company’s high-pressure tariff.

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