UBS has initiated its coverage of BSE with a ‘buy’ rating with a target price of Rs 5,350. Analysts said BSE has diverse revenue streams and its operating margins are likely to improve. Recently BSE's increased market share due to better broker management, and offering of an alternate expiry day to NSE, its key competitor. They feel the recent improvement in volumes for BSE on non-expiry days, suggesting volumes moving from NSE to BSE not fully priced in.
Goldman Sachs has a ‘sell’ rating on Dixon Technologies with a target price of Rs 10,500. Analysts, however, said that the margin benefit accruing from increasing value addition, is offset by the loss in PLI benefit for the mobile phone segment which will be ending in FY26. They see limited potential for company to surprise on already optimistic-looking estimates.
HSBC has upgraded Tata Motors to ‘buy’ but its target price has been cut to Rs 840 from Rs 930. Analysts feel that the stock’s valuation de-rating in the last 2-3 quarters now looks reasonable. JLR is now trading at 1.8x FY26(expected) EV/EBITDA, which is at the lower end of the historical average.
Citi has a ‘buy’ rating on HPCL with a target price of Rs 460. Analysts feel HPCL’s nine-month reported EBITDA could have been 80% higher without the impact of LPG under-recoveries. They said a push for timely compensation by the top leadership of OMCs could help investors rest a bit more assuredly.

Elara Securities India has an ‘accumulate’ rating on Varun Beverages with a target price of Rs 555. The stock price has corrected 25% in the past three months on fears of competition and concerns over slower volume growth in the India business. Analysts believe the early onset of summers should benefit the industry and VBL in the near-term and low penetration should provide comfort on long-term opportunity. As regards competitive intensity, efficient servicing of trade still needs to be scaled up by the new player, Campa and the incumbent has an edge. They also feel it may be challenging for the new entrant to enable acceptance of new taste.
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