Written By: ZeeBiz Web Team
Published: 8:09 AM, Dec 12, 2025 | Updated: 8:52 AM, Dec 12, 2025
Global Market Sentiment
US markets have witnessed a sharp rally. A conversation between US President Donald Trump and Indian PM Narendra Modi has revived hopes of a potential trade deal. FII selling eased on Thursday, and GIFT Nifty is showing a 100-point gain, indicating a strong opening for Indian markets.
Goldman Sachs on L&T
Goldman Sachs upgraded L&T from Neutral to Buy and raised the target price from ₹3,730 to ₹5,000.
Jefferies on Indigo
Jefferies maintained a Buy rating on Indigo but cut the target price from ₹7,025 to ₹6,035. The brokerage reduced FY26-28 EPS estimates by 13–53% due to weaker near-term guidance. However, long-term confidence remains intact owing to Indigo’s strong business model, disciplined strategy, and international expansion.
Morgan Stanley on BrainBees (FirstCry)
Morgan Stanley maintained an Overweight rating but cut the target from ₹407 to ₹365. FY26 India segment growth forecast was reduced from 13% to 10%.
Brokerage Ratings on TCS
Multiple brokerage firms issued varied ratings for TCS:
- JP Morgan: Overweight | Target ₹4,050
- Citi: Sell | Target ₹2,835
- Macquarie: Outperform | Target ₹4,810
Citi states demand remains soft but stable.
Complete Brokerage Table
| Brokerage | Stock | Rating | New Target | Old Target |
|---|---|---|---|---|
| Goldman Sachs | L&T | Buy | 5000 | 3730 |
| Jefferies | Indigo | Buy | 6035 | 7025 |
| Morgan Stanley | BrainBees (FirstCry) | Overweight | 365 | 417 |
| JP Morgan | TCS | Overweight | 4050 | - |
| Citi | TCS | Sell | 2835 | - |
| Macquarie | TCS | Outperform | 4810 | - |
| Morgan Stanley | Blackbuck | Equalweight | 653 | - |
| Citi | IGL | Buy | 260 | - |
| Morgan Stanley | Suzlon | Overweight | 78 | - |
| Morgan Stanley | Adani Power | Overweight | 185 | - |
| Macquarie | Maruti Suzuki | Outperform | 17672 | - |
| Citi | HCL Tech | Neutral | 1600 | - |
| Macquarie | M&M | Outperform | 4093 | - |
| Morgan Stanley | Tata Steel | Overweight | 200 | - |
| Citi | Tata Steel | Sell | 160 | - |
| HSBC | Tata Steel | Buy | 215 | — |
| Macquarie | Tata Steel | Outperform | 207 | — |
| Nomura | Tata Steel | Buy | 215 | — |
Maruti Suzuki, HCL Tech & M&M
Macquarie reaffirmed Outperform on Maruti Suzuki with a target of ₹17,672. Citi maintained Neutral on HCL Tech with a target of ₹1,600. Macquarie reiterated Outperform on M&M with a target of ₹4,093.
Tata Steel: 5 Different Views
Five brokerages issued contrasting ratings on Tata Steel:
- Citi: Sell | ₹160 Target
- HSBC: Buy | ₹215 Target
- Nomura: Buy | ₹215 Target
- Macquarie: Outperform | ₹207 Target
- Morgan Stanley: Overweight | ₹200 Target
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