zomato share price: What foreign brokers said on Zomato, Tata Motors, Sobha & 7 other stocks

NEW DELHI: Brokerages such as JPMorgan and Citi maintained their positive stance on Zomato; CLSA retained buy on () and upgraded to ‘Outperform’ on favourable risk-reward. BofA Securities continued its neutral stance on , while Morgan Stanley initiated coverage on the chemicals space with three stocks.

JPMorgan said adjusted Ebitda losses continued to decline for

and that gross order value (GOV) saw strong growth as orders came back. It said food delivery revenues rebounded for Zomato in the March quarter, as it suggested a price target of Rs 130 on the stock.

Citi has a target of Rs 80 on the stock as it revised its estimates to incorporate FY22 numbers. It also talked about a 6 per cent sequential growth in GOVs and fall in adjusted Ebitda losses to Rs 220 crore.

Morgan Stanley has initiated coverage on SRF with an overweight stance with a target of Rs 2,757. It also initiated coverage on

(target Rs 954) and (Rs 4,562). While initiating coverage on the chemicals sector Morgan Stanley said the future of India specialty chemicals will look a lot different and that the market is not pricing in 200-600 basis points in return on equity expansion.

CLSA has upgraded three auto stocks as it feels the companies are likely to benefit from a fall in steel prices, expansion in margin and demand recovery post Covid-19.

What foreign brokers said on Zomato,

, Sobha & 7 other stocks’.

This brokerage, meanwhile, has maintained its buy on HAL with a target of Rs 1,930 as valuations at 15 times FY24 earnings are inexpensive. End-FY22 PAT grew 17 per cent, led by balance sheet transformation, the foreign brokerage said.

The same brokerage has upgraded Sobha to Outperform with a target of Rs 805 as it felt risk-reward is now favourable post-sharp fall in stock. It has cut its presales estimates by 13 per cent for FY23-FY24 and called the FY23 guidance conservative.

BofA Securities has remained neutral on Divis Labs with a target of Rs 4,300 as a risk to core earnings is playing out. Custom synthesis drove the earnings beat but generic API remained weak, it said.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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