Fund Houses Update - 17 December 2025

Dear Trader...

Fund Houses Recommendations

• Nomura on IGL: Upgrade to Buy on Company, raise target price at Rs 230/Sh (Positive)
• JP Morgan on Orkla: Initiate Overweight on Company, target price at Rs 745/Sh (Positive)
• UBS on Meesho: Initiate Buy on Company, target price at Rs 220/Sh (Positive)
• ICICI on PNB Housing: Upgrade to Add on Company, raise target price at Rs 970/Sh (Positive)
• Citi on State Bank: Maintain Buy on Bank, target price at Rs 1110/Sh (Positive)
• Citi on RBL Bank: Maintain Buy on Bank, target price at Rs 390/Sh (Positive)
• Citi on L&T Fin: Maintain Buy on Company, target price at Rs 330/Sh (Positive)
• MS on Reliance Ind: Maintain Overweight on Company, raise target price at Rs 1847/Sh (Positive)
• Jefferies on HDB Financial: Initiate Buy on Company, target price at Rs 900/Sh (Positive) 
• Citi on HDBC Life: Maintain Buy on Company, target price at Rs 1000/Sh (Positive)
• Kotak on Insurance Sector: The regulator may independently reevaluate expenses and payout structure from time to time (Neutral)
• Kotak on Sona BLW: Maintain Reduce on Company, cut target price at Rs 480/Sh (Neutral)
• Jefferies on Eternal: Maintain Buy on Company, target price at Rs 480/Sh (Neutral)
• GS on DMart: Maintain Sell on Company, target price at Rs 3425/Sh (Neutral)
• MOSL on VMM: Maintain Buy on Company, cut target price at Rs 170/Sh (Neutral)
• Citi on PB Fintech: Maintain Buy on Company, target price at Rs 2225/Sh (Neutral)
• HSBC on Tata Power: Maintain Hold on Company, target price at Rs 375/Sh (Neutral)
• Investec on Indigo: Maintain Sell on Company, target price at Rs 4050/Sh (Neutral)
• UBS on PB Fintech: Maintain Sell on Company, cut target price at Rs 1660/Sh (Negative)

Warm Regards...

Nikhil Bhatt
Business Editor
Investment Point
Contact :- 99390 80808
www.nikhilbhatt.in

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