Leading global brokerages have shared their latest recommendations on key Indian stocks, highlighting potential growth opportunities and market trends for 2025.
Morgan Stanley and Jefferies remain optimistic about select sectors, with actionable insights on Petronet LNG, ONGC, and Maruti Suzuki India.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Morgan Stanley on Petronet LNG: Maintain Equal-Weight, target price at Rs 400 | LTP Rs 327 | Upside 22%
Morgan Stanley has maintained an “Equal-Weight” rating on Petronet LNG (PLNG) with a target price of Rs 400, indicating a potential upside of 22% from the current market price of Rs 327.
The firm highlights PLNG as a high return-on-capital-employed (ROCE) stock that performs consistently well through economic cycles.
It anticipates an upside in the utilization rates of PLNG’s terminals, driven by the normalization of LNG prices, which is expected to bolster demand by March 2025.
Additionally, competitive risks, which were previously a concern, are now seen as less significant. Furthermore, PLNG is poised to bring its own low-cost brownfield capacity of 5 million tonnes per annum (MnTPA) to the market in the first half of 2025, reinforcing its market position.
Jefferies on ONGC: Maintain Buy, target price at Rs 375 | LTP Rs 246 | Upside 52%
Jefferies has reiterated its “Buy” rating on ONGC with a target price of Rs 375, implying a significant upside of 52% from the current price of Rs 246.
The firm notes that the 30% correction in ONGC’s stock over the past three months seems excessive, especially as the earnings impact is estimated to be limited to around 2%.
Additionally, 95% of the company’s domestic crude production was previously capped at $75 per barrel. ONGC’s consolidated EPS is expected to benefit from an improved earnings outlook for HPCL.
Recent regulatory actions are also viewed positively, supporting enhanced profitability. Furthermore, a likely production ramp-up in the KG basin during 4QFY25 and 1QFY26 is identified as a key catalyst for the stock’s future performance.
Morgan Stanley on Maruti Suzuki India: Maintain Overweight, target price at Rs 14,124 | LTP Rs 11,837 | Upside 19%
Morgan Stanley has maintained an “Overweight” rating on Maruti Suzuki India with a target price of Rs 14,124, indicating a 19% upside from the current price of Rs 11,837.
The firm expects Maruti’s share price to outperform the broader country index over the next 30 days, driven by several factors. The stock’s valuation at 22x FY26 estimated P/E is considered attractive compared to its 10-year median of 26x.
Maruti is also set to showcase its first electric vehicle (EV) launch on January 17, marking a significant milestone. Additionally, better-than-expected export performance is anticipated to support margins.
For Q3, Morgan Stanley projects 13% EBITDA growth, with an EBITDA margin of 11.5%. These factors collectively underpin the optimistic outlook for the stock.
