Ways2Capital Reviews : Broker Radar For May 28

Credit Suisse on Cummins India:
  • Maintained ‘Outperform’; cut price target to Rs850 from Rs975.
  • Lackluster Q4 results on spike in expenses.
  • Target price cut to factor in lower revenues and margins.
  • Retain rating on sharp underperformance in last two years and likely recovery.
Goldman Sachs on Tech Mahindra:
  • Maintained ‘Buy’; raised price target to Rs880 from Rs824.
  • Q4 results above expectations on continued margin beat.
  • Entire topline growth led by enterprise business in Q4.
  • 5G remains key structural growth opportunity.
Macquarie on Tech Mahindra:
  • Maintained ‘Neutral’ with a price target of Rs670.
  • Q4 profit above estimates due to forex gains and profit on sale of land.
  • Expect EBIT margin normalisation to continue.
  • Outlook for telecom business remains muted; 5G spend at least a year away.
Deutsche Bank on Sun Pharma:
  • Maintained ‘Hold’; cut price target to Rs431 from Rs496.
  • Q4 in line; U.S. revenue offset weak India business growth.
  • Specialty launches to drive sentiment near term.
  • Execution in U.S. business remains key monitorable.
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