Global and domestic brokerages have released fresh views across multiple sectors, including retail, aviation, telecom, fintech and hospitality, offering updated ratings and price targets on several actively tracked stocks such as Trent, IndiGo, Vodafone Idea, Avenue Supermarts, Groww and Lemon Tree Hotels.
Overall sentiment remains constructive, with analysts largely attributing recent stock-level volatility to cyclical and macro factors rather than structural concerns.
Retail Sector: Trent, Avenue Supermarts
Macquarie maintained its Outperform rating on Trent with a target price of ₹4,900, attributing recent sales softness to cyclical factors. The brokerage expects growth momentum to recover in the second half of CY26, supported by a planned revamp of Zudio stores, wider competitive positioning and operational investments such as RFID deployment to drive EBIT expansion. Macquarie views the current moderation as non-structural.
Brokerage views on Avenue Supermarts (DMart) remain divided.
Goldman Sachs reiterated a Sell rating while raising its target price to ₹3,500, citing Q3 profit outperformance driven by margin expansion. However, it flagged the sharp improvement in margins as unsustainable.
Jefferies maintained a Hold rating with a target of ₹4,050, noting that EBITDA margins reached multi-quarter highs despite slower growth momentum.
Aviation and Telecom: IndiGo, Vodafone Idea, Indus Towers
Kotak Institutional Equities retained its Add rating on InterGlobe Aviation (IndiGo) while marginally trimming the target price to ₹5,300 to reflect revised assumptions on crude oil prices and currency movement. The brokerage highlighted resilient domestic demand and steady international expansion, while flagging regulatory scrutiny as a key risk.
In the telecom space, Citi maintained Buy ratings on both Vodafone Idea and Indus Towers, with target prices of ₹15 and ₹515, respectively. Citi’s positive view is anchored on the potential confirmation of AGR relief, which could materially improve Vodafone Idea’s cash flows and accelerate its planned bank debt raise. For Indus Towers, improved visibility on dues recovery could enable a resumption of dividend payouts.
Fintech and Hospitality: Groww, Lemon Tree Hotels
Kotak Securities initiated coverage on Groww with a Buy rating and a target price of ₹190. The brokerage highlighted the platform’s technology-led scale-up, expanding monetisation across broking, margin funding, wealth and consumer credit, and its in-house technology stack as key competitive advantages.
Investec assigned a Buy rating to Lemon Tree Hotels with a target of ₹187, citing the upcoming Fleur demerger as a major value-unlocking catalyst. Post-demerger, the Fleur platform is expected to operate as a zero-debt, asset-light entity with higher growth visibility.
Broader Market Strategy
On the macro front, JPMorgan outlined Nifty targets of 33,000 (bull case), 30,000 (base case) and 24,000 (bear case), projecting around 7% year-on-year earnings growth for Nifty 50 companies.
Goldman Sachs maintained its Overweight stance on India, setting a Nifty target of 29,300 for end-2026. The brokerage expects 2026 to benefit from easier financial conditions, potential tax cuts and a revival in domestic consumption, with preference for financials, mass consumption, defence and energy security themes.
