L&T
31.01.2022 - JpMorgan on L&T Maintain Overweight CMP 1897 Target 2160(PREVTGT 2300)
31.01.2022 - Kotakinstel on L&T Maintain Buy CMP 1897 Target 2450
31.01.2022 - CS on L&T Maintain Outperform CMP 1897 Target 2450
20.01.2022 - MS on L&T Maintain Underweight CMP 6697 Target 6600
17.01.2022 - Jefferies On L&T Maintain Buy CMP 2045 Target 2845
13.01.2022 - CS On L&T Maintain Outperform CMP 2023 Target 2450
11.01.2022 - Jpmorgan on L&T Maintain Overweight CMP 1953 Target 2300
JEFFERIES ON L&T : 27.07.2021
* L&T's Q1 order flow was up 13% YoY (FY22 guidance at 13-17%); Jefferies believes Oct-Dec 2021 should see upside triggers of order flow, maintains BUY on the infra major
* Q1 EBITDA 12% Below Expectations As E&C Sales Missed By 12%
* Pandemic-induced Delays, Including Fatalities & Local Lockdowns, Impacted Execution
* Order Flow Was Up 13% YoY (FY22 Guidance At 13-17%)
* Prospect Pipeline Is Up 42% YoY & Management Is Optimistic On Outlook
* Believe Oct-Dec 2021 Should See Upside Triggers Of Order Flow
* MAINTAIN BUY TARGET: 1,900
CITI ON L&T : 27.07.2021
* Solid margin performance by L&T in Q1, expectedly soft execution; co remains one of Citi's top picks
* Solid Margin Performance, Expectedly Soft Execution
* Margin Performance Should Alleviate Concerns About Co's Ability To Maintain Margin
* Should Be Able To Make Up For A Slight Miss On Order Inflow & Revenue In Rest Of The Yr
* Co Remains One Of Our Top Picks
* MAINTAIN BUY TARGET: 1,785
MORGAN STANLEY ON L&T : 27.07.2021
* L&T's IT business surprised positively while financial services & Hyderabad metro are drags, MS says.
* Core Rev A Tad Weak, But Strong Core Margin Despite Commodity Price Rise A Big Plus
* IT Business Also Surprised Positively While Financial Services & Hyderabad Metro Are Drags
* Improving Labour Availability, Strong Orderbook, Healthy Prospect List Should Drive Core Earnings
* MAINTAIN OVERWEIGHT TARGET: 1,894
GOLDMAN SACHS ON L&T : 27.07.2021
• Maintain BUY, Target at Rs 2,000/share
* Good performance, core business remains undervalued
• See improvement for next leg of capex uptick in India
• Continued thrust of infrastructure by the government
JEFFERIES ON L&T : 13.07.2021
• L&T's AR is more optimistic on India's capex cycle compared to recent ARS
* Government creating room for infra spend by postponing fiscal consolidation to FY25
• Reassessing businesses like L&T Finance, which require periodic capital infusion Buy the leader
