The markets were up and about this week. Can investors discover value in the coming week? With quarterly updates for Q3 underway, brokerages have been quick to adjust their forecasts on key stocks. This week, several top research houses, including Motilal Oswal, Nomura, Nuvama Wealth Management, UBS, and Jefferies, shared their latest recommendations, and we shortlisted 10 stocks across the banking, finance, auto, and consumer sectors.
Motilal Oswal on HDFC Asset Management Company
Motilal Oswal has a ‘Buy’ on HDFC Asset Management Company (HDFC AMC). The brokerage has set a target price of Rs 3,200. This indicates an upside potential of around 25%. As per the brokerage report, “We expect a 16% compound annual growth rate each in revenue, earnings before interest, tax, depreciation and amortisation, and profit after tax, and an 18% assets under management compound annual growth rate over FY25-FY28.”
The report also highlighted HDFC AMC’s cost efficiency. Despite higher employee expenses, overall margins have remained stable. According to the brokerage report, “The EBITDA margin was 81.5%.”
Jefferies on Emmvee Photovoltaic Power
Jefferies maintained its Buy rating on Emmvee Photovoltaic Power, with a target price of Rs 320 on the stock. This implies that the brokerage house expects the stock to deliver more than 70% returns over the next 12 months, as it estimates that the stock is trading at a 50% discount to peers.
India’s solar installations are set to grow at a 24% CAGR over FY25-FY28. Emmvee’s early entry in TOPCon, superior DCR-driven profitability and adequately-funded balance sheet are a competitive edge. Industry profitability should normalise FY28 onward, but the brokerage firm expects high-teens steady state RoCE. “We project 56% EBITDA CAGR over FY25-28 and price Emmvee at 9x fwd EV/EBITDA,” said Jefferies.
Nomura on Infosys
Nomura maintained a ‘Buy’ rating on Infosys and a target price of Rs 1,810 for the stock. This implies an upside of around 13% from current levels. According to the brokerage report, the guidance upgrade suggests a gradual improvement in growth visibility despite ongoing macro uncertainty.
Nomura noted that Infosys’ large deal wins of about $4.85 billion and a rising share of net new deals support medium-term growth. The brokerage also pointed to management commentary around six artificial intelligence-related opportunity areas, including AI engineering services, data platforms for AI, software modernisation and AI services for physical devices.
Nomura on L&T Technologies
Nomura cut target price on L&T Tech Services to Rs 3,900 from Rs 4,100, while maintaining its ‘Reduce’ rating on the stock. The new target price implies a downside of 8.1% from the current market price. The brokerage house also lowered its FY26-FY28 revenue growth assumptions by 340-750 basis points and expects a 5-5.5% growth in FY26-27.
LTTS posted a revenue of $326 million (-2.8% sequentially, +3.9% YoY in constant currency terms vs Nomura’s estimate of +3% QoQ in cc). The sharp miss is largely attributable to the restructuring and L&T Tech Services’ exit from certain low-margin businesses.
Nomura on Indian Hotels (IHCL)
Nomura initiated coverage on Indian Hotels (IHCL) with a ‘Buy’ rating. The global brokerage house has a target price of Rs 830. This price target expects that the stock may give a return of 22.4% over the next 12 months. IHCL’s high visibility on average daily rate of growth, coupled with better quality of earnings, positions it well to achieve its FY30 goals, said Nomura. Nomura expects India Hotels’ Average Daily Rate (ADR) growth to remain resilient because hotel room supply in key business cities is constrained, likely registering a CAGR of less than 5–7% through FY30. However, as per IHCL, supply growth will remain constrained over the next five years (FY25-30) with just 0.1 million rooms in the pipeline, and only 25% in key business cities.
Jefferies on HDB Financial Services
Jefferies retained a ‘Buy’ rating on HDB Financial Services with a base-case target price of Rs 920, which implies about 20% upside. Jefferies said the December quarter profit rose 36% year-on-year to Rs 640 crore, exceeding estimates due to lower provisions and higher fee income, while profit growth stood at 45% after excluding a one-off provision linked to the new labour code.
HDB Financial Services’ assets under management increased 12% year-on-year to Rs 11.49 lakh crore, while disbursements grew 10%, led by consumer and enterprise lending. Net interest margins improved 14 basis points quarter-on-quarter to 8.1%, supported by stable funding costs.
UBS on Max Healthcare Institute
UBS said Max Healthcare Institute offers improved growth visibility following capacity additions over the past two years. “We see upside potential for Max Health, with improving growth visibility in the near to medium term due to capacity additions over the past two years,” UBS said. The target price is Rs 1,475, with an upside of 45%.
Jefferies on ICICI Lombard General Insurance
Jefferies maintained a ‘Buy’ rating on ICICI Lombard General Insurance with a target price of Rs 2,400. This indicated an upside potential of around 27%. As per the brokerage report, the December quarter results were broadly in line after adjusting for one-off costs linked to labour code changes.
“December 2025 quarter EPS, adjusted for one-off cost of Rs 531 million from changes in labour codes, was 4% lower than our estimate,” Jefferies said. The brokerage highlighted that higher loss ratios, especially in motor insurance, weighed on profitability. Jefferies believes the ICICI Lombard General Insurance’s valuation is closely tied to premium growth.
Nomura on ITC Hotels
The international brokerage firm Nomura initiated coverage on ITC Hotels with a ‘Buy’ rating. The brokerage house, in its report on ITC Hotels, expects the stock to rise another 20% over the next 12 months and has set a target price of Rs 230.
The factors driving Nomura’s confidence include visibility on high-single-digit revenue per available room (RevPAR). They highlighted the growth driven by resilient average room rate (ARR) growth and improved occupancy of recently opened operational assets.
Nuvama on Just Dial
Among internet and digital platform stocks, Nuvama has retained a ‘Buy’ rating on Just Dial with a target price of Rs 1,100. From the current market price of about Rs 722, this implies a sharp upside potential of nearly 52%.
According to the brokerage report, revenue growth remains moderate, but profitability has improved in the short term. “Earnings before interest, tax, depreciation and amortisation margin came in at 31.2%, ahead of estimates,” the report on Just Dial noted.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.