The markets cheered the US Fed’s rate cut this week, and the Nifty managed to close above the 26,000 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, JP Morgan, and others shared their latest recommendations, and we picked the 10 best for you.
Motilal Oswal on Tata Steel
Motilal Oswal issued a ‘Buy’ call on Tata Steel stock with a target price of Rs 210. According to the brokerage report, this implies an upside potential of around 27% from current levels. The firm’s optimism is largely tied to Tata Steel’s latest acquisition move, its long-term strategy for India, and a multi-year expansion roadmap. Tata Steel, on 10th December 2025, agreed to acquire a 50% stake in Thriveni Pellets (TPPL) from Thriveni Earthmovers (TEMPL) for a cash consideration of Rs 636 crore.
Jefferies on JSW Steel
Jefferies maintained a ‘Buy’ rating on JSW Steel with a target price of Rs 1,300, implying a 16% potential gain, and up to 30% in a more optimistic scenario. The company is expanding capacity at existing plants, which should lift output around 7% a year through FY28. Jefferies expects domestic prices to firm up if the safeguard duty returns and as Asian spreads improve. The stock could see greater upside if JSW earns more per tonne than currently projected.
JM Financial on Siemens
JM Financial has taken a positive but measured view on Siemens. The brokerage has maintained an ‘Add’ rating, setting a 12-month target price of Rs 3,480. This indicates a 10.75% upside potential. JM Financial believes the sale removes a drag on financial performance. According to the brokerage report, “The sale of the LVM business for Rs 2,200 crore (EV) brings closure to a long-struggling entity within SIEM.”
ICICI Direct on Kaynes Tech
ICICI Direct maintained a ’Buy’ rating on Kaynes Technologies with a target price of Rs 6,400, implying an upside of around 48% from current levels. According to the brokerage report, several concerns that rattled investors may have been “more about disclosure gaps than financial damage.” According to ICICI Direct, the issue stemmed from clerical lapses rather than intent. As the report noted, “the overall profit and loss account and balance sheet are not misstated,” adding that the mismatches “seem negligence sort of error rather than anything on the governance front.”
Jefferies on KFin Technologies: ‘Buy’
Jefferies sees as much as 40% upside potential in KFin Technologies from current levels. The brokerage house has set a target price of Rs 1,460 per share. Jefferies pointed to the company’s strong earnings outlook, driven by its push to grow market share in its niche financial-tech services. Even though the September quarter was mild, the brokerage expects a pickup. It forecasts EPS growth of 44% in FY25, 41% in FY26, and 39% in FY27, supported by steady business additions. Jefferies sees ROE at 25% in FY26 and FY27, which it considers strong for the sector.
JP Morgan on IndiGo
JP Morgan maintains a ‘Neutral’ rating on InterGlobe Aviation with a target price of Rs 5,700. They elucidated that the financial benefits of recovering passenger demand will be significantly offset by persistent cost headwinds. IndiGo has revised its guidance for Q3 to lower for key metrics. It is now expecting Available Seat Kilometre (ASK), the measure of passenger-carrying capacity, to grow in high single to early double-digits. This is a noticeable downgrade from the earlier guidance of growing in “high teens.”
Emkay Global on HDFC Bank
Emkay Global Financial Services shared a review of its growth plans, margins, and competitive position on HDFC Bank. The brokerage house has given a 12-month target price of Rs 1,225 for HDFC Bank. This implies around 23.7% upside from current levels. According to the brokerage report, Emkay met Deputy Managing Director of HDFC Bank, Kaizad Bharucha and Head of Investor Relations Bhavin Lakhpatwala to understand the bank’s strategy during a period of regulatory easing and rising competition.
JP Morgan on Kaynes Technologeis
JP Morgan reiterated an ‘Overweight’ rating on Kaynes Technologies and a Rs 7,550 target price, signalling about 91% potential upside in from current levels. JP Morgan said the recent derating appears tied to short-term liquidity strain rather than any weakening in the company’s fundamentals. Kaynes Technologies’ core EMS business continues to expand, and the brokerage valued it at Rs 5,200 per share, with additional value coming from its OSAT and PCB segments.
Nomura on Coforge
Nomura maintained its ‘Buy’ rating on Coforge. The brokerage set a target price of Rs 2,000. This translates to an upside potential of around 6% from the current market price. According to Nomura, Coforge’s leadership has been emphasising a more proactive approach in the market. The Chief Executive Officer said the company’s strong momentum comes from “reaching clients with a solution-led mindset to solve real business problems, and proactively stitching deals.”
Motilal Oswal on Suzlon Energy
Motilal Oswal has a ‘Buy’ recommendation on Suzlon Energy and set a target of Rs 74. This implies around 43% upside from current levels. The brokerage house highlighted that the company is entering a period of stronger deliveries, better cash flow, and more room in manufacturing. Suzlon Energy has been trying to move from a slow recovery to steady growth. The company had laid out how it plans to scale production, take on more projects, and prepare for export orders. Motilal Oswal says the path is not trouble-free but is clearer than it has been in years.
Overall the brokerage views highlight strong upside potential for these stocks that were among big movers this week.