JP Morgan maintains its underweight stance onABB with a target of Rs 816. This is because the reported EBITDA margin for the first quarter was well below estimates. Margin pressure was led by raw material cost pressures.
Merrill Lynch has downgraded Sun TV to neutral from buy and cut its target from Rs 540 to Rs 345. The stock has underperformed by 30% and Merrill Lynch expects limited upside to the share price.
RBS recommends a buy on Mahindra Satyam with a target of Rs 94. Satyam's good execution continued in the first quarter and high lateral employee additions indicates continued demand visibility. RBS believes the recent correction due to increased macro headwinds factors in any risk relating to Satyam's higher exposure to discretionary spend.
Merrill Lynch reiterates a buy on Sobha Developersbut has cut its target price to Rs 375. The increase in debt due to investment in its Gurgaon project was a big disappointment. Merrill has cut earnings estimate by 12% for FY12 to factor in lower sales and higher taxes.
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