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Morgan Stanley maintained its overweight rating on Kotak Mahindra Bank but cut target price to Rs 2,600 from Rs 2,650 earlier. Analysts said that the April-June quarter was a soft quarter for the bank in a tough macro environment. While growth was stronger than the sector’s, net interest margin (NIM) decline and non-performing loan (NPL) formation were higher than expected. They expect the current quarter to remain tough due to further margin decline. They also expect earnings to accelerate thereafter, led by lagged repricing of deposits, cash reserve ratio (CRR) cut benefits, and improvement in loan mix.

Jefferies maintained its hold rating on Cipla with the price target hiked to Rs 1,690 from Rs 1,610. Analysts said during April-June quarter, Cipla’s key markets disappointed and they expect new drug launches in the US to start reflecting from the first half of FY27. It also showed a tepid growth in the Indian market. The numbers in the US market were lower than expected but were offset by strong sales in the rest of the world markets and higher other income. Analysts expect the US sales could reach $1 billion in FY27 or after.

Nuvama has a hold rating on IDFC First Bank with the target price at Rs 68. Analysts said that in the April-June quarter the lender reduced stress in its micro-finance (MFI) portfolio with lower slippages and special mention accounts during the same period. However, they said that the bank’s overall slippages went up due to a Rs 108 crore slippage from an ATM service provider which has been fully provided for and an uptick in other non-MFI slippages. Analysts feel IDFC First Bank’s growth momentum remains ahead of peers.

Macquarie maintained its outperform rating on Titan with the target price at Rs 4,150. Analysts said they liked the strong brand position of Damas and large growth headroom in the UAE and Kuwait. They also have a positive view of the company’s ability to experiment and learn lab grown diamonds/premium designs through Damas. They are also positive on the stock after the company clarified about no further acquisitions in international geographies in the near term. However, they were negative on the company’s slower-than-expected path to EPS (earnings per share) accretion.

Citigroup has a buy on Bank of Baroda with the target price at Rs 310. Analysts said that the lender’s April-June net profit of Rs 4,540 crore was in line with their estimates. They said that only 7 bais points NIM decline and Rs 1,880 crore of treasury gains neutralized higher credit cost at 66 basis points and modest fee growth. They expect FY26 NIMs to settle near April-June level and build higher credit over FY26-27.

(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)

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