Citi maintains a buy on Coal India , but has cut its target to Rs 418 from Rs 430. They believe the stock price will continue to be supported by structural upsides on pricing, margins. Limited downside to revised volumes and further derating is unlikely.
Deutsche Bank maintains a buy on Tata Motors , but has cut target to Rs 175 from Rs 248. They have also reduced their FY13 EPS estimates by 36%. The reduction is primarily driven by JLR. It would be crucial for JLR to sustain current levels of cashflow to fund its scaled-up capex and R&D program in the uncertain macro environment.
RBS has upgraded Sun Pharma to buy from hold and has revised its target upwards to Rs 525 from Rs 455. The report says Sun looks structurally well positioned for growth, as 83% of its revenues are from the US and India. With USD 1 billion in cash, the company looks well poised to achieve value-accretive deals.
Bank of America Merril Lynch has downgraded Persistent System to underperform and has sharply cut down the target to Rs 310.
Source: moneycontrol.com
