MAX FINANCIAL SERVICES
BROKERAGE: CITI Price Target: Rs 1,840 CMP: Rs 1,585 | Upside: 16%
- Initiate coverage with buy rating; Diversified product and channel mix coupled with robust execution engine augur well
- Strong bancassurance partnership for Axis Max Life Insurance provides comfort
- HDFC Life and SBI Life remain preferred picks among life insurers
SCHNEIDER ELECTRIC INFRASTRUCTURE
BROKERAGE: GOLDMAN SACHS Price Target: Rs 910 CMP: Rs 766 | Upside: 18.89%
- Buy from Sell to reflect the estimated 15.6% compounded growth in Total Addressable Market in FY25-32
- Potential beneficiary of government schemes such as Revamped Distribution System Scheme
- Distribution network capex could be the next critical driver for grid capex growth, allowing share valuation to re-rate
NAVIN FLUORINE
BROKERAGE: JEFFERIES Price Target: Rs 5,280 CMP: Rs 4,703 | Upside: 12.3%
- Well positioned to monetise Rs 20 billion of capex commissioned in the past three years by entering long-term contracts
- Pipeline of new contracts should fructify in FY26 and provide growth visibility from FY28
- Despite recent runup, stock has underperformed Nifty by 23% since January 2023