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CLSA downgrades Tata Motors rating to sell, JP Morgan sees Paytm for Rs 1,850

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New Delhi: Foreign brokerage JP Morgan has started coverage on One97 Communications (Paytm) with an ‘overweight’ rating, while CLSA has downgraded Tata Motors’ rating to ‘sell’.

In Paytm’s case, JP Morgan believes the company can deliver nearly 60 percent revenue growth and nearly 10-fold expansion in contributing profit. This gives Paytm a one-of-a-kind “fintech horizontal” ability to drive monetization. JP Morgan said Paytm is unlikely to be replicated by competitors that are mostly vertically focused. The foreign brokerage expects Paytm to beat the estimates for FY13 and FY24 unanimously.

Tata Motors, on the other hand, attracted a sell call from CLSA as foreign brokerages believe that the domestic private vehicle segment is overvalued and subsidiary JLR is lagging behind in electrification.

The brokerage has a target price of Rs 408 on the stock, which includes Rs 150 for its Commercial Vehicle business and Rs 151 for JLR. However, the brokerage expects JLR’s volumes and profitability to recover with easing of supply conditions for the chips.

Meanwhile, Citi has maintained a buy rating on Marico with a target of Rs 640 post the company’s Q3 update. The moderation in India is offset by international performance, it said, adding that it does not see any material change in consolidated earnings forecasts. High teens constant currency growth is expected in the December quarter, it said.

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Hassaan Minhas

Hassaan is a journalist at UsamaSpeaks.com and he deals with Latest News, India News, and Tech News. Hassaan is a very professional and authentic news journalist.

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