The markets cheered the repo rate this week, and the Nifty managed to close near the 26,200 mark. However, the action in individual stocks is what made headlines, and several new stocks hit fresh 52-week highs. Top brokerage firms such as Jefferies, Nomura, Motilal Oswal, Nuvama, and others shared their latest recommendations, and we picked the 10 best for you.
Nuvama on HUL
Hindustan Unilever’s demerged ice cream unit, Kwality Walls (KWIL), is a focused, pure-play ice cream entity and part of a multinational parent. Nuvama Institutional Equities expects Kwality Walls to list in February and at a likely 5x EV/sales, around Rs 50–55 levels. According to the brokerage’s estimates, this price is at a discount to HUL’s 9x EV/sales. Overall, Nuvama is positive on the HUL share price and retains ‘Buy’ with the target price unchanged at Rs 3,200 per share.
Jefferies on InterGlobe Aviation (IndiGo)
Jeffereis rated InterGlobe Aviation a ‘Buy’ with a target price of Rs 7,025, indicating an upside of 25% according to the latest rating and price target history chart dated 28 November 2025. The shares of InterGlobe Aviation currently sit below the brokerage’s valuation, leaving room for potential upside depending on market conditions. Jefferies observed IndiGo’s scale, strong domestic leadership, and cost competitiveness as key pillars of its long-term outlook.
Motilal Oswal on JSW Steel
JSW Steel announced the restructuring of Bhushan Power and Steel (BPSL) through a joint venture (JV) with Japan’s JFE Steel Corporation. Leading domestic brokerage house Motilal Oswal retained a ‘Buy’ rating on the stock and has a target price of Rs 1,350 on the stock, implying an upside of 18% from the current market price. Motilal Oswal said that the restructuring and the JV, taken together, will allow JSW Steel to monetise a significant portion of the value created through the turnaround of BPSL. This will allow JSW Steel to reduce debt and focus on the long-term growth plan of expanding capacity to 50 mtpa.
Ambit Institutional Equities on Lenskart
Ambit Institutional Equities has a ‘Sell’ rating on Lenskart Solutions, with a target price of Rs 339, implying a downside of 21%. This is in sharp contrast to a ‘Buy’ rating given by the international brokerage house, Jefferies. The rationale driving Ambit’s Sell call is the higher valuation compared to peers. Lenskart’s enterprise value is 51x for the overall business, which implies a revenue CAGR of 19% for the next 20 years. This valuation Ambit believes is “steep”, and higher than the peers like Nykaa (46x) and Trent (38x) despite better RoCE (Return on Capital Employed).
Jefferies on Adani Enterprises
Jeffereis has a ‘Buy’ rating on Adani Enterprises with a target price of Rs 3,200, indicating the highest upside potential of around 46%. The brokerage points to a multi-year expansion cycle across new energy, airports, data centres and infrastructure. Jefferies expects Adani Enterprise’s diversified growth engines and long-term capacity build-out create a strong runway for value creation.
Motilal Oswal initiates coverage on Meesho
Motilal Oswal Wealth Financial Services, in a brokerage report, said that the Meesho IPO has been assigned a ‘Subscribe’ rating. The firm believes certain business metrics and cost structures may help the company scale further, even though the competition in online retail remains intense. Meesho has built a large value-commerce marketplace that has grown quickly over the past few years. The platform recorded 234 million annual transacting users, expanding at around 21% compound annual growth rate (CAGR) between FY23 and FY25. A major part of its user base, which is almost 88% comes from outside India’s top eight cities, indicating how deeply the brand has penetrated smaller markets.
Nuvama on Coromandel International
Nuvama Institutional Equities sees as much as 35.2% upside in Coromandel International, while maintaining its ‘Buy’ rating. The brokerage maintained its outlook on the back of the company’s expansion plan. The brokerage house said that the company is preparing for scale. Nuvama’s Buy on Coromandel is triggered by several factors. These include targeting 10 million tonnes of fertiliser sales, doubling its crop protection franchise over five years, and deepening backward integration.
Anand Rathi Research on Premier Energies
The brokerage firm Anand Rathi Research has upgraded Premier Energies to ‘Buy’. It has set a target price of Rs 1,321 for the stock. This implies a potential upside of around 36% from the current levels. According to Anand Rathi’s report, several developments related to capacity expansion, technology upgrades and product diversification are shaping the case for this positive outlook. Premier Energies is reshaping its operations to become a fully integrated solar manufacturer, such as handling cell production, module assembly and ancillaries under one umbrella.
Motilal Oswal on ICICI Bank
Motilal Oswal has kept a ‘Buy’ rating on ICICI Bank. The bank has one of the highest shares of repo-linked and EBLR loans in the sector at 55%, which helps capture improvements in fresh lending rates. The report notes healthy earnings traction. ICICI Bank’s profit is estimated to rise 14% in FY27 and 16% in FY28, supported by stable margins and controlled credit costs. Asset quality remains strong, and provisioning coverage stays comfortable. Motilal Oswal expects the bank to benefit from easing term deposit rates and rising loan yields through FY26 and FY27.
Jefferies on Kfin Technologies
Jefferies maintained its ‘Buy’ rating on Kfin Technologies with a base-case target price of Rs 1,440, implying 32% upside from the current market price. The brokerage’s full risk-reward framework places the maximum upside at Rs 1,600, translating into 46% upside, while the bear-case valuation of Rs 950 indicates a minimum downside of 13% from present levels. Jefferies said the company is “ramping up the franchise” across domestic and overseas markets, with stronger traction in mutual funds, investor solutions, offshore businesses, and the newly added insurance vertical.