The domestic equity markets ended the holiday-shortened week on a quiet note after the rout in chip and AI stocks globally. However, falling crude oil prices supported sentiment across Indian capital markets.
Several top research houses, including Morgan Stanley, Nomura, Jefferies, Antique, Citi, Kotak Securities, and Motilal Oswal, shared their latest recommendations for key stocks amid a mixed market, and we shortlisted 10 stocks across sectors.
Morgan Stanley on Adani Power
Morgan Stanley has named Adani Power as “the cash compounding machine” and raised its price target to Rs 275 from Rs 173, while maintaining an ‘Overweight’ rating on the stock. The new price target implies an upside of 19% from the closing price on June 23.
This rating upgrade has come on the back of several positive factors. Morgan Stanley said that Adani Power’s incremental business is much lower risk (macro), highly return accretive (micro), fastest growing (vs. history and peers), and backed by a track record of executing complex projects.
Nomura on CG Power
Nomura has maintained its Buy rating on CG Power and raised its price target on the stock to Rs 1,100 from Rs 1,050. The new price target implies an upside of 20% from the current market price. This upgrade in the Murugappa Group company came on the back of robust export potential, increased capacity expansion, and many other factors.
There is an acute supply deficit for power transformers (PT) and generation step-up (GSU) transformers in the US, driven by data-centre expansion, electrification, and ageing infrastructure. This has led to lead times of up to 144 weeks, creating a massive opportunity for CG Power to capture market share where imports now meet 80% of US PT demand.
Antique on Apollo Hospitals
Antique initiated coverage on Apollo Hospitals Enterprise with a ‘Buy’ rating and target price of Rs 9,790, implying an upside of about 14%. The brokerage said Apollo Hospitals operates 8,131 beds across its network and has built a diversified healthcare platform spanning hospitals, pharmacy distribution, digital health and diagnostics.
It expects the company to add around 1,000 beds during FY26-28 through brownfield expansion and acquisitions. Antique forecast revenue, EBITDA and PAT CAGR of 16%, 20% and 24%, respectively, over FY26-28.
Citi on Meesho
Citi initiated coverage on Meesho with a ‘Buy’ rating and a target price of Rs 210 per share, implying about 21% upside from the prevailing market price at the time of the report. The brokerage said Meesho stood out as India’s leading value e-commerce platform and argued that its business model is structurally different from convenience-led online retail platforms.
Citi pointed out that Meesho is “a value-focused e-commerce platform, with several vectors of strategic differentiation vs other e-commerce platforms: share beyond tier-1 cities, long-tail seller base, zero commissions logistics-monetisation and a new ROAS-targeted advertising engine that relieves sellers of bid-management.”
Kotak Securities on Aadhar Housing Finance
Kotak maintained a ‘Buy’ rating on Aadhar Housing Finance with a fair value of Rs 630, implying an upside of about 27%. The brokerage described Aadhar as the most stable play in the affordable housing finance space.
It expects AUM growth of about 20% in FY27 after 20% in FY26 and 21% in FY25, while highlighting the company’s consistent business trends and medium-term return on equity of around 17%. Kotak also expects Aadhar Housing Finance to benefit as lower-ticket business normalises and competitive pressures ease.
Antique on Artemis Medicare Services
Antique reiterated its ‘Buy’ call on Artemis Medicare Services, with a target price of Rs 340, implying an upside of about 29%. The brokerage said Artemis Medicare plans to increase bed capacity to around 2,200 from 700 currently by adding 1,450 beds across Gurugram, Raipur and South Delhi over the next three to four years.
Antique expects revenue, EBITDA, and PAT to grow at a CAGR of 27%, 34% and 36%, respectively, over FY26-28. It also expects EBITDA margins to expand by 190 basis points to 19.3% as operating leverage improves with the larger network.
Jefferies on HDFC AMC
Jefferies has maintained a Buy rating on HDFC AMC with a target price of Rs 3,090. This implies an upside potential of around 18% from the current market price.
Jefferies remains constructive on HDFC AMC. This is despite concerns around a slowdown in mutual fund inflows during May 2026. According to the brokerage report, the weaker month came after two particularly strong months and does not indicate any deterioration in underlying trends.
Kotak on Aptus Value Housing Finance India
Kotak maintained a ‘Buy’ rating on Aptus Value Housing Finance India with a fair value of Rs 400, implying an upside of about 48%. The brokerage said the company remains the most profitable player in its coverage universe with a return on equity of around 20%.
It noted that Aptus Value Housing Finance India’s loan growth guidance of 20% is lower than the 25% recorded in FY25 and 21% in FY26, leaving room for execution. Kotak expects business momentum to improve as industry conditions recover and competitive intensity stabilises.
Jefferies on Siemens Energy
Jefferies also retained a ‘Buy’ rating on Siemens Energy India, and raised its target price to Rs 4,500 from Rs 4,300. That implies 17% upside from the stock price used in the report.
The brokerage’s case on Siemens Energy rests on the same transmission capex upcycle, but with an added angle around capacity expansion. Jefferies said Siemens Energy’s order book stood at Rs 18,400 crore as of March 2026, up 22% year-on-year, giving it revenue visibility for 30% CAGR over FY25-FY28.
Motilal Oswal on Indo Count
Motilal Oswal has initiated coverage on Indo Count Industries with a Buy rating and set the target price at Rs 550, implying 39% upside. The brokerage said Indo Count, a leading bed linen exporter, should see stronger growth from its emerging utility bedding business and its India bed linen operations.
It expects Indo Count to deliver a revenue CAGR of 20%, EBITDA CAGR of 44% and adjusted PAT CAGR of 90% over FY26-28. The target price is based on 15x FY28 EV/EBITDA.
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 e-commerce, power, energy, AMC, healthcare, and others.
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.
