Fund House Recommendations Summary

>> Positive Outlook

– Morgan Stanley (MS)

Godrej Consumer: Overweight | Target: ₹1,431/share

M&M: Overweight | Target: ₹3,668/share

Tata Power: Overweight | Target: ₹449/share

– Nomura

CEAT: Buy | Target: ₹3,945/share

– HSBC

Embassy Office Parks REIT: Buy | Target: ₹435/share

Brookfield India REIT: Buy | Target: ₹330/share

Indian Economy View: Inflation expected below target; 25 bps rate cut likely.

– Jefferies

Cement Sector: Strong Q4 rebound; further pricing recovery seen in Q1 (South India).

**Neutral Outlook

-Morgan Stanley (MS)

JSW Steel: Equal Weight | Target: ₹1,000/share

ICICI Lombard: Equal Weight | Target: ₹1,855/share

Tata Motors: Equal Weight | Target: ₹715/share

Infosys: Overweight | Target: ₹1,800/share (Note: Sentiment tone is neutral in report despite overweight call)

-Nomura

Tata Motors: Neutral | Target: ₹799/share

-Nuvama

CEAT: Buy | Target: ₹3,800/share (Sentiment toned down vs Nomura)

-Moody’s

Indian Banks: Asset quality to remain stable despite global concerns.

Note: RBI’s draft gold loan norms may slow segment growth.