Brokerage calls: Deutsche Bank cuts target price of ONGC

We have collated a list of recommendations from various global brokerage firms for February 15.

ONGC | Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 187

The brokerage cut its target price of ONGC to Rs 187 from Rs 216, retaining the Buy call.

“Maintain Buy rating given inexpensive valuations and sensitivity to oil prices,” Deutsche Bank said in a research note.

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Deutsche Bank cut its FY19-20 earnings estimate for ONGC by 4 percent.

ONGC | Brokerage: Citi | Rating: Neutral | Target: Rs 172

ONGC’s EBITDA beat estimates due to lower than expected operating expenditure, said Citi.

There is room for the government to reduce its stake in the company, according to Citi.

Page Industries | Brokerage: Credit Suisse | Rating: Neutral | Target: Rs 23,300

Credit Suisse said it upgraded the stock to neutral from underperform, and raised the target price to Rs 23,300 from Rs 22,000.

Expect the downgrade cycle to be over, Credit Suisse said.

Ashok Leyland | Brokerage: Nomura | Rating: Neutral | Target: Rs 123

“Margin may be weak on weak operating leverage and high discounts by competition,” Nomura said in a research note.

The brokerage expects medium and heavy commercial vehicles industry to peak in FY20, hence has a weak outlook on Ashok Leyland.

Sadbhav Engineering | Brokerage: CLSA | Rating: Buy | Target: Rs 340

CLSA cut the stock’s target price to Rs 340 from Rs 390, keeping the Buy call.

“New strategy to churn capital should reach fruition in March end,” the brokerage said.

CLSA cut its FY19-21 EPS estimate for the company by 5-6 percent.

(Disclaimer: The above report is compiled from information available on public platforms. advises users to check with certified experts before taking any investment decisions)
First Published on Feb 15, 2019 01:03 pm

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