Wednesday's top brokerage calls: PSU banks, Max Financial and more
SUMMARY
Morgan Stanley is bullish on Bank of Baroda among state-owned banks. It upgraded the stock to 'overweight'. Meanwhile, Jefferies and CLSA have 'buy' calls on Max Financial after its March quarter earnings. Here's a look at the top brokerage calls for the day:
By CNBCTV18.com Jun 9, 2021 8:13:17 AM IST (Published)
Morgan Stanley on PSU Bank: The brokerage upgraded Bank of Baroda to 'overweight' with a target of Rs 110. It believes BoB is best placed amongst non-SBI state-owned banks. It expects credit costs for PSU banks to moderate in FY22.
Jefferies on Max Financial: The brokerage has a 'buy' call on the stock with a target of Rs 1,040 per share. It said that the firm posted a value of new business (VNB) growth of 44 percent YoY aided by a 36 percent rise in annualized premium equivalent (APE).
CLSA on Max Financial: The brokerage has a 'buy' call with the target at Rs 1,350 per share. It said that the firm has outperformed its peers in FY21 on annualized premium equivalent (APE) and protection growth.
Jefferies on Petronet LNG: The brokerage maintains a 'buy' call on the stock with the target at Rs 320 per share. It cut earnings estimates by 6-6.5 percent for the firm for FY22-23 and added that the company has gained 700 bps market share YoY.
