Brokerages initiate coverage on BSE, Adani Power and 6 other stocks, see up to 60% upside. Own any?

A host of domestic and global brokerages have initiated coverage on select Indian stocks across sectors such as banks and consumer discretionary. Analysts are bullish on major names such as Adani Power, BSE and PhysicsWallah, among others, and forecast strong upside from current market levels. Here is a list of eight stocks on which brokerages have initiated coverage.

Bernstein has initiated coverage on BSE with an Underperform rating and a target price of Rs 2,820, implying a downside potential of up to 14% from the stock’s last closing price of Rs 3,394. The brokerage said the retail participation wave, led by equity derivatives, is showing signs of moderation, and BSE's market share gains are likely to peak out in FY27, after which growth is expected to normalise.

International brokerage Bernstein has assigned an Outperform rating to MCX with a target price of Rs 3,830, indicating a 15% upside from current levels. Bernstein noted that commodity derivatives account for around 25% of equity derivatives’ active participants, leaving room for further participation. Retail brokers are also pushing awareness and participation in commodity derivatives.

The Wall Street giant has assigned a Buy rating to Astra Microwave with a target price of Rs 2,055, compared with its current market price of Rs 1,733, forecasting 20% upside potential. Astra is among the leading private defence and space electronics players and is moving up the value chain within large defence programmes, it said.

Jefferies has assigned a Buy rating to Solar Industries, with a target price of Rs 28,160 against a current market price of Rs 21,345, implying over 26% upside from the last closing price. Solar is one of the leading manufacturers of explosives and ammunition and has expanded its capabilities to manufacture defence and aerospace products such as rockets and drones.

Motilal Oswal Financial Services has initiated coverage on V2 Retail with a ‘Buy’ rating and a target price of Rs 275, indicating an upside of around 25% from the brokerage’s reference price of Rs 217. The brokerage believes V2 Retail’s focus on value-conscious consumers in tier-II and tier-III markets, along with its strong store economics and disciplined inventory management, provides a long runway for growth.

JM Financial has initiated coverage on OnEMI Technology Solutions, which operates the digital lending platform Kissht, with a Buy call and a target price of Rs 385 per share, implying a 19% upside. JM Financial expects the company’s AUM to grow at a compound annual rate of 44% between FY26 and FY28, increasing from around Rs 7,100 crore to Rs 14,700 crore.

Motilal Oswal has initiated coverage on the education technology company with a ‘Buy’ rating and a target price of Rs 200, implying an upside of 60%. The brokerage described PhysicsWallah as one of India’s most capital-efficient education platforms, supported by its low-cost customer-acquisition model.

Motilal Oswal has initiated coverage on Adani Power with a Buy rating and a target price of Rs 250, implying a potential upside of 17% from the report’s reference price of Rs 208. The brokerage cited Adani Power’s capacity-expansion plans, track record of turning around distressed assets and potential entry into nuclear power as its key investment arguments.

(This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here