Trent, BSE among 6 stocks that got upgraded and downgraded this week

May 04, 2024, 01:28:39 PM IST1/7

Analyst Watch

With the March quarter earnings season in full swing, brokerages are actively monitoring quarterly performance of companies. During the week, at least 5 stocks earned downgrades while Trent got an upgrade. Here’s the full list:

2/7

Coforge

Coforge was downgraded by the global brokerage firm Jefferies as well as InCred. Jefferies cut down its target price from Rs 7,650 to Rs 4,290 while InCred downgraded the stock from Rs 5,871 to Rs 4,431 as it missed the overall estimates, and the FY25 guidance seemed weak.

3/7

IOC

Wealth management group Investec downgraded the stock to ‘sell’ with a target price of Rs 85 from an earlier Rs 110 as it anticipates the earnings volatility to persist for a while combined with weaker Q4 refining margins.

4/7

BSE

Jefferies reduced its rating on the BSE from ‘buy’ to ‘hold’ and slashed the target price to Rs 2,900 from Rs 3,000 as a higher regulatory fee by Sebi may create a near term effect, which will also impact the EPS by 15-18%.

5/7

Cummins

The downgrade for Cummins comes from Kotak Securities primarily after the recent 90% uptick of the stock in the past 6 months. The stock has been rerated to ‘add’ from an earlier ‘buy’ while the target price has been increased from Rs 2,750 to Rs 3,450.

6/7

Indus Towers

Domestic brokerage Kotak Securities downgraded Indus Towers to ‘reduce’ while it increased the target price from Rs 245 to Rs 340 as it believes that the long-term outlook of the stock is still dependent on VI’s revival.

7/7

Trent

Post an amazing Q4 earnings, Trent got an upgrade from Antique Securities to ‘buy’ with a target price of Rs 4,876. The company has recorded a healthy revenue growth of 37% on a 5-year CAGR basis. Store expansion of Zudio and improvement in profitability due to operating leverage are other reasons for the optimism in Trent.

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