Tuesday, 13 October 2015

INFOSYS

CLSA ON INFOSYS

Cut target to `1325 from `1425, Maintain Buy
Soft guidance and CFO change amidst stellar numbers
Infosys has rediscovered clients using price aggression
Next tough step is defining sources of longterm competitive advantage

CS ON INFOSYS

Rasise target to `1175 from `1150, Maintain Neutral
Strong all-round performance but FY16 guidance maintained
Close to industry leading growth in FY17 would be a tough ask
Growth at the top of the range for peers needed for next phase

BOFA ML ON STEEL

JSW Steel and Sail are the top picks in the sector
Tata Steel likely to benefit from the narrowing pension deficit at TSE
Companies have raised flat steel prices post imposition of safeguard duty
Reduction in producer’s inventory on cards as imports have started trending down
Market concerns of increased CRC imports could be misplaced 
Steep correction in iron ore bodes well for 3Q/4Q earnings 
Decline in imports is much more critical than the price rise

BOFA ML ON INFOSYS

Maintain Buy, Target `1325
Debate on guidance overshadows a strong Q2
Revenue growth was once again broad-based
Stable attrition, in-line margins reflect steady execution

UBS ON INFOSYS

Maintain Sell, Target `810
Q2 FY16 likely to be peak for revenue, share price
Q2 positives - broad-based growth, top-client performance
Q2 Concerns - slowing volume momentum, muted H2 outlook

GS ON OBEROI REALTY

Maintain Buy, Target `406
Oberoi plans to launch its Borivali project over the next month
Borivali launch to increase pre-sales visibility to 4 years
Project has revenue potential of `6000 cr over FY16 - 22
Project has cash flow potential of `4000 cr over FY 16 - 22

GS ON INFOSYS

Maintain Neutral, Target `1100
Weak 2H outlook but valuations are fair
Looks on track to improve its long-term growth trajectory
Weak 2H outlook keeps the trajectory unpredictable
View is  that revenue growth will not match sector leaders

BARCLAYS ON GUJARAT PIPAVAV PORT

Cut target to `196 from `213, Maintain Equal Weight
Competition from JNPT, Hazira, Dahej and Mundra Ports
Traffic growth to be weak near-term and scalability is a challenge
Cut estimates for FY16 - 18 by 1- 17% on recent shift of traffic

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