Top Brokerages Update Price Targets for Key Indian Stocks
Indian stock market investors are keenly watching the movements of top stocks, including Larsen & Toubro Ltd., Dr Reddy’s Laboratories Ltd., Coal India Ltd., and Varun Beverages Ltd. These companies have recently announced their September quarter results, prompting analysts to reassess their share price targets.
Larsen & Toubro Ltd.
Analysts at Jefferies have maintained their ‘Buy’ rating on L&T and hiked the target price to Rs 4,715 from Rs 4,345. The management is confident of crossing 10% YoY FY26E growth guidance, which should drive the stock. New initiatives also leave scope for some positive surprise, and L&T’s outperformance to Nifty is expected to continue.
Macquarie has also maintained its ‘Outperform’ rating and hiked the target price to Rs 4,350 from Rs 4,210. Order inflows are strong, and execution is expected to ramp up in H2. New order wins have been aided by overseas core orders, and the overall prospects remain strong.
Citi has maintained its ‘Buy’ rating and hiked the target price to Rs 4,500 from Rs 4,350. Orders are strong, and multiple positives are expected to drive the stock. The announcement of the next 5-year strategy plan post Q4 and likely Hyderabad metro resolution by the end of FY26 should keep sentiment positive.
Dr Reddy’s Laboratories Ltd.
Analysts at BofA have maintained their ‘Buy’ rating with a target price of Rs 1,600. The Semaglutide opportunity is still expected to materialize in FY27, despite delays in approval. Dr Reddy has filed in 87 countries and indicated confidence in selling all 12 million pens in FY27, even if Canada approval is delayed.
Jefferies has maintained its ‘Underperform’ rating with a target price of Rs 1,130. The Semaglutide product is a key contributor to projected North America revenue and earnings for FY27. Excluding this product, North America base business revenue growth is estimated to stay flat in FY27.
Morgan Stanley has maintained its ‘Equal-weight’ rating with a target price of Rs 1,389. Success in Canada for Semaglutide is a key driver for FY27 earnings, and timely approval and launch are crucial. Any delay in approval raises a risk to FY27 earnings.
Coal India Ltd.
Analysts at Jefferies have maintained their ‘Buy’ rating and cut the target price to Rs 430 from Rs 455. Volume growth has been impacted by subdued power demand, and e-auction premium is stable. FY26-28 EPS has been cut by 10-12% factoring in lower volumes and higher costs.
JPMorgan has maintained its ‘Neutral’ rating and cut the target price to Rs 415 from Rs 420. Inventory at thermal power plants remains higher than last year’s levels, led by weak power demand. International thermal coal prices suggest weakness in e-auction prices could continue in Q3.
Citi has maintained its ‘Neutral’ rating and cut the target price to Rs 370 from Rs 375. Q2 was hurt by costs in a muted price/volume scenario, and likely limited upside to e-auction prices is expected given coal inventory in the system.
Varun Beverages Ltd.
Analysts at Goldman Sachs have maintained their ‘Buy’ rating and hiked the target price to Rs 2,200 from Rs 2,000. The company’s strong performance in a tough environment is expected to continue, and any improvement in demand could lead to upside to this guidance.
Citi has maintained its ‘Buy’ rating and cut the target price to Rs 675 from Rs 685. The company’s in-line Q3 performance amidst India’s weather woes is expected to improve next year. New ventures could be potential catalysts and aid long-term growth.
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