The domestic equity markets ended the week on a higher note after crude continued to trade below $75 a barrel, helping investor sentiment. The Nifty 50 closed the week 0.86% higher, while the BSE Sensex ended the week 0.91% higher.
Several top research houses, including Bank of America, Nomura, Jefferies, Investec, Nuvama Institutional Equities, Antique, Emkay Global, and Motilal Oswal, shared their latest recommendations for key stocks as markets surged, and we shortlisted 10 stocks across sectors.
Investec on Dixon Technologies
Investec retained its ‘Buy’ rating on Dixon Technologies with a target price of Rs 14,500, implying an upside of about 23%. Investec said management remains confident that mobile phone volumes will stay resilient even before the proposed Vivo joint venture receives regulatory approval.
It also expects Dixon Technologies’ exports, backward integration and new business verticals to support earnings growth over the next few years. “We remain convinced of management’s opportunistic and disciplined approach. ‘Buy’stays,” Investec said.
Jefferies on MCX
Jefferies has initiated coverage with a ‘Buy’ rating on MCX and a target price of Rs 3,600. This implies an upside potential of around 27% from the current market price.
The brokerage believes India’s commodity derivatives market is still at an early stage compared with global markets, creating a long runway for MCX to grow over the coming years. One of the biggest reasons behind the brokerage house’s positive view is the relatively low penetration of commodity trading in India.
Motilal Oswal on DLF
Motilal Oswal has maintained a ‘Buy’ rating on DLF with a target price of Rs 775, implying an upside potential of 19%.
The brokerage expects annuity income from the company’s commercial portfolio to remain a key growth driver over the next five years while residential launches continue to support cash generation. It also expects DLF’s collections to remain healthy and its balance sheet to stay in a net cash position despite continued investments.
Bank of America on Coforge
BofA initiated coverage on Coforge with a ‘Buy’ rating and a target price of Rs 1,725, implying an upside of about 16%. BofA said Coforge offers the strongest balance of execution, growth visibility and valuation among the companies under its coverage.
The brokerage expects Coforge to deliver organic revenue CAGR of about 12% between FY26 and FY29, supported by a healthy order backlog across banking, financial services, government and travel. It also expects earnings growth to be supported by both revenue expansion and margin improvement.
Motilal Oswal on Adani Ports and SEZ
Motilal Oswal maintains a strong ‘Buy’ rating on Adani Ports & SEZ, with a target price of Rs 2,050, implying an upside of more than 13%. The brokerage sees the recent definitive agreement with MSC Group’s terminal arm, Terminal Investment (TiL), as a significant strategic win.
Analysts at Motilal Oswal believe this partnership between MSC and Adani Ports makes Vizhinjam’s position strong as India’s leading transhipment hub and provides the capital necessary to support its ambitious capacity expansion to 5.7 million TEUs (Twenty-foot Equivalent Unit) from 1.6 million TEUs by December 2028.
Nuvama on RBL Bank
Nuvama assigned a ‘Buy’ rating to RBL Bank with a target price of Rs 470, implying an upside of about 26.7%. The brokerage said the bank has emerged from a prolonged period marked by corporate loan stress, the Covid-19 disruption, management changes and asset quality issues in its microfinance and credit card portfolios.
It believes the Rs 26,000 crore capital infusion by Emirates NBD has strengthened the RBL Bank’s capital position and funding profile. Nuvama expects return on assets to improve to 1.2% to 1.5% during financial years 2028 and 2029 as growth improves and credit costs moderate.
Antique on United Spirits
Antique reiterated its ‘Buy’ rating on United Spirits with a target price of Rs 1,791, implying an upside of about 17%.
The brokerage said United Spirits’ established presence in Tamil Nadu positions it well to capture market share if the state’s ongoing distribution reforms improve access for national brands.
It expects the company’s existing distribution network and premium portfolio to benefit from a more efficient retail ecosystem in one of India’s largest IMFL markets.
Emkay Global on Hindustan Zinc
Emkay Global maintained its ‘Buy’ rating on Hindustan Zinc with a target price of Rs 350, implying an upside of more than 28% from the current market price.
Post-demerger, Hindustan Zinc is expected to be the group’s “financial and operational anchor”. While it is estimated to contribute 47% of consolidated revenue, it is projected to deliver a substantial 87% of consolidated EBITDA, underscoring its role as the primary driver of cash flows and shareholder value.
Motilal Oswal on Lodha Developers
Motilal Oswal has reiterated a ‘Buy’ rating on Lodha Developers with a target price of Rs 1,285, implying a potential upside of 29%, making it the brokerage’s preferred large-cap real estate pick.
The brokerage expects the company to sustain its leadership position through a significant launch pipeline, continued business development and robust execution. It believes healthy operating cash flows will support deleveraging even as the company continues to scale up.
Lodha Developers is also targeting a sharp expansion in its rental business over the next six years, which is expected to strengthen earnings visibility while maintaining balance sheet discipline.
Nomura on Bharti Airtel
Nomura has named Bharti Airtel as its top sector pick among the telecom stocks. The brokerage house raised its price target on the stock to Rs 2,355 from Rs 2,220, implying an upside of 28%. The broker retained its ‘Buy’ rating.
With the 5G rollout largely complete, Nomura said that it believes Bharti Airtel’s capital expenditure (capex) intensity has passed its peak. This shift is expected to result in strong free cash flow generation, leading to a significant deleveraging cycle where consolidated net debt-to-EBITDA is projected to fall from 1.4x in FY26 to 0.1x by FY29.
Conclusion
The recommendations point toward strong business fundamentals, sector-specific growth drivers, and a change in business model. While broader market sentiment remained weak, leading brokerages continue to identify opportunities across sectors such as Telecom, metal, energy, IT, Realty, and others.
