infosys share price: Hot Stocks: Brokerages on Infosys, SBI, HCL Technologies and NMDC

Brokerage firm JPMorgan maintained a neutral stance on Infosys post Q2 results while UBS downgraded SBI to sell from buy earlier.

Also, BofA Securities maintained a neutral rating on HCL Technologies and Nuvama maintained a buy on NMDC.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

JPMorgan on Infosys: Neutral| Target Rs 1400
JPMorgan maintained a neutral rating on Infosys with a target of Rs 1400 post September quarter results. The near-term outlook remains weak, but long-term potentially is strong.

Infosys has lower idiosyncratic risks than peers. Investors are focused on FY25.

UBS on SBI: Sell| Target Rs 530

UBS downgraded SBI to sell from a buy earlier and has also slashed the 12-month target price to Rs 530 from Rs 740 earlier – the first big downgrade to Sell in many years.

The global investment bank is of the view that the return ratios are likely to peak in FY24 and expect a decline in FY25.CET 1 at 10.8% leaves little cushion against regulatory tightening. The stock outperformed Bank Nifty by 33% since February 2020.

The cut in the target price incorporates 5% EPS cuts for FY24/25E and c20% contraction in target P/BV multiple.

BofA Securities on HCL Technologies: Neutral| Target Rs 1230
BofA Securities maintained a neutral rating on HCL Technologies but raised the target price to Rs 1230 from Rs 1170 earlier.

The IT company has better visibility on H2. Margin expansion higher than expected.

Nuvama on NMDC: Buy| Target Rs 188
Nuvama maintained a buy rating on NMDC but raised the target price to Rs 188 from Rs 143 earlier.

The stock is in a sweet spot to cater to the rising demand for ores with rising volumes and prices.

Firm global prices have been a bonanza, driving up domestic iron ore prices over the past two months.

Cash-rich PSU could also pay out a special DPS of Rs 15 in FY24. Increasing FY24E/25E EBITDA by 23%/20% to factor in higher prices and volumes.

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