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Brokerage Calls: Nomura positive on corporate banks, CLSA raises target for Shree Cements

Nomura said it has a Buy rating on ICICI Bank, Axis Bank and State Bank of India



We have collated a list of recommendations from various global brokerage firms for February 21.

L&T | Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 1,786
L&T's Q4 orders are tracking well, according to Morgan Stanley.
"Guidance implies inflows of Rs 49,000 crore in Q4. Order inflows ex-services are at Rs 41,300 crore," the brokerage said in a research note.
Dr. Reddy's Laboratories | Brokerage: Morgan Stanley | Rating: Overweight| Target: Rs 3,197
The company remains at a risk because of the underlying court case, Morgan Stanley said.
Gujarat State Petronet| Brokerage: HSBC | Rating: Reduce | Target: Rs 138
The brokerage slashed the stock's target price to Rs 138 from Rs 152, keeping the Reduce rating."The decline in gas volumes may lead to reduced profitability next year," HSBC said.
Nomura on Banks
Nomura said it has a Buy rating on ICICI Bank, Axis Bank and State Bank of India.
The brokerage said it is positive on corporate banks and prefers corporate private banks.
"Capitalisation issues of PCA banks are largely addressed, but will lead to massive dilution," said Nomura.
CLSA on Cement
The scenario in the cement space is improving after a muted third quarter, but there is election uncertainty ahead, according to CLSA.
The election outcome will impact cement stocks, said the brokerage said.
CLSA prefers Ramco Cements, Shree Cements, and ACC among the cement stocks.
Shree Cements has been upgraded to Buy from Outperform, and target price raised to Rs 19,000 from Rs 18,275. The brokerage is negative on UltraTech Cement.
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