It’s been a volatile week for the markets, and as the Index swung between highs and lows, the question is what stocks should one invest in? A pattern is emerging across research desks. Firms such as Jefferies, Motilal Oswal, Antique Stock Broking, and JM Financial are arriving at similar conclusions on a select group of companies, cutting across banking, telecom, consumption, and new-age platforms.
What stands out is the overlap. HDFC Bank, ICICI Bank, and Kotak Mahindra Bank continue to feature prominently in brokerage recommendations within financials. Outside banking, Reliance Industries draws consistent support from both Jefferies and Motilal Oswal, while LG Electronics India finds backing from Motilal Oswal and JM Financial.
HDFC Bank
Jefferies
Jefferies has assigned a ‘Buy’ rating with a target price of Rs 1240, implying a potential upside of 47%. The brokerage expects steady improvement in credit growth, supported by a stronger deposit base and better control over the loan to deposit ratio. It estimates loan growth to compound at around 13% through FY28, which should support earnings expansion. Margin improvement is also part of the thesis, with net interest margins expected to move up slightly as higher cost funds are repriced.
The brokerage believes asset quality will remain stable, with credit costs contained near 60 basis points. This combination of growth and stability forms the core of its positive view.
Motilal Oswal
M\otilal Oswal maintains a ‘Buy’ rating with a target price of Rs 1100, indicating an upside of 38%. The firm points to regulatory comfort around governance as a key positive after recent leadership transitions.
It expects the bank to deliver steady compounding with a focus on high-quality lending and disciplined underwriting. Return on equity is projected to exceed 14% as the bank continues to manage its credit cycle efficiently. The brokerage also values its strong liability franchise, which supports funding stability. Execution consistency remains a central reason for the positive stance.
Antique Stock Broking
Antique Stock Broking has issued a ‘Buy’ call with a target price of Rs 1,200, suggesting a 42% upside. The brokerage sees current valuations as attractive for long-term accumulation given the bank’s balance sheet strength.
It expects return on equity to approach 15% by FY26, supported by controlled asset quality and a low level of non-performing assets. The bank’s scale and wide branch network are expected to drive deposit growth. Consistent net profit expansion is part of the earnings outlook. The brokerage remains confident in the bank’s ability to deliver across cycles.
Reliance Industries
Jefferies
Jefferies has a ‘Buy’ rating with a target price of Rs 1750, suggesting a 26% upside. The brokerage points to scale and cost efficiency as key advantages. Investments in consumer and digital businesses are expected to drive future value. Telecom earnings are projected to grow at 20% through FY28. The company’s diversified structure provides earnings stability. It remains a preferred pick for consistent performance.
Motilal Oswal
Motilal Oswal maintains a ‘Buy’ rating with a target price of Rs 1750, also implying a 26% upside. The brokerage expects strong performance from retail and digital segments as they scale. Cash flow from energy operations provides stability.
The diversified business model reduces dependence on any one segment. Profitability is expected to improve across verticals. The recent price correction is seen as a good entry point.
ICICI Bank
Motilal Oswal
Motilal Oswal has a ‘Buy’ rating with a target price of Rs 1750, implying a 40% upside. The brokerage considers the bank a top pick within the private sector due to its strong execution track record.
It highlights the focus on high-quality assets and disciplined lending as key strengths. The bank is expected to deliver strong growth across both retail and corporate segments. Margins are seen holding firm even in tougher environments. A solid capital position and technology investments add to its long-term earnings visibility.
Antique Stock Broking
Antique Stock Broking has assigned a ‘Buy’ rating with a target price of Rs 1715, indicating a 33% upside. The brokerage expects steady performance backed by consistent loan growth and stable credit quality.
It points to the bank’s distribution strength and digital capabilities as drivers of customer acquisition. Return on equity is expected to remain strong as operating leverage improves. The firm also notes that current valuations offer room for accumulation. The overall view is based on stability and predictable earnings delivery.
Kotak Mahindra Bank
Motilal Oswal
Motilal Oswal has issued a ‘Buy’ rating with a target price of Rs 500, suggesting a 36% upside. The brokerage points to the bank’s execution across business segments as a core strength. It expects steady earnings growth supported by expansion in the credit market. The bank’s capital position is seen as sufficient to manage changes in the economic environment. Return metrics are expected to improve gradually as scale benefits come through. The brokerage maintains confidence in its long-term growth trajectory.
Antique Stock Broking
Antique Stock Broking maintains a ‘Buy’ call with a target price of Rs 495, indicating a 32% upside. The firm believes valuations remain attractive for accumulation given the bank’s steady balance sheet management. It expects strong return on equity by FY26, supported by stable asset quality. Low levels of non-performing assets remain a key positive. The bank’s branch network is expected to drive deposit growth. Profit growth is likely to remain consistent over the medium term.
LG Electronics India
Motilal Oswal
Motilal Oswal has a ‘Buy’ rating with a target price of Rs 1860, implying an 18% upside. The brokerage expects demand for premium products such as air conditioners and refrigerators to remain strong.
It projects double-digit revenue growth through FY28 as the company expands its retail footprint. Margin expansion is expected through pricing actions and a focus on energy-efficient products.
The company’s category strength supports its growth outlook. The brokerage sees it as well placed for sustained performance.
JM Financial
JM Financial maintains a ‘Buy’ rating with a target price of Rs 1770, suggesting a 15.2% upside. The brokerage believes supply chain issues have been addressed, positioning the company well for seasonal demand.
It expects market share gains supported by product expansion and manufacturing investments. Cost efficiency improvements are likely through better procurement strategies.
The company’s brand strength remains a key advantage. Faster product launches tailored to the domestic market add to its competitive position.
Conclusion
Brokerage consensus around these names highlights confidence in their earnings visibility and execution strength. While upside potential remains attractive, investors should weigh valuations and sector risks before taking positions.
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.
