Jefferies believes Welspun Living is set to be a major beneficiary of India’s prospective trade agreements with the US and EU, and initiates coverage on the counter.

Morgan Stanley is bullish on Zudio-parent Trent, highlighting its strategy of increasing store density and focusing on market share within a micro-market approach. The brokerage is also positive on InterGlobe Aviation, indicating that booking and cancellation trends are moving favorably for the airline at the moment.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Thursday.

Morgan Stanley On Trent

  • Morgan Stanley maintains an ‘overweight’ rating on Trent with a target price of Rs 6,359.

  • The brokerage highlights Trent’s strategy of increasing store density and focusing on market share within a micro-market approach.

  • The company’s focus remains on being differentiated and relevant to its customers.

  • Disposable incomes are not growing in line with consumer aspirations.

  • Zudio Beauty is seen as a long-term strategic bet in Trent’s playbook.

Morgan Stanley On InterGlobe Aviation (Indigo)

  • Morgan Stanley maintains an ‘overweight’ rating on Indigo with a target price of Rs 6,502, indicating a 20% potential upside.

  • Booking and cancellation trends are moving favorably at the moment.

  • IndiGo reiterated its 2030 target of doubling capacity and 40% international mix.

  • The company is focusing on premiumisation.

  • The airline aims to launch “Stretch” in key international destinations such as Dubai, Singapore, Bangkok and Phuket.

  • Announced an order to acquire additional 30 wide-body aircraft and new code share agreements with Delta Airlines, Air France-KLM and Virgin Atlantic.

Jefferies On Welspun Living

  • Initiates a ‘buy’ rating with a target price of Rs 185, indicating a 41% upside.

  • Positioned to benefit from India’s increasing appeal as a manufacturing hub.

  • A major beneficiary of India’s prospective trade agreements with the US and EU.

  • Has developed future growth drivers, including a portfolio of proprietary brands.

  • Possesses robust manufacturing capabilities, operating one of the world’s largest home textile facilities.

  • Anticipates a muted first half of fiscal 2026 in terms of revenue and margins due to tariff-related uncertainties and lower operating leverage.

  • Well-positioned for a rebound in the second half of the fiscal and thereafter.

  • Expected to achieve a compound annual growth rate of 12% in Ebitda and 18% in EPS over the next two fiscals.

Morgan Stanley On Maruti Suzuki India

  • Morgan Stanley maintains an ‘overweight’ rating with a target price of Rs 14,262, indicating a 17% potential upside.

  • PV industry growth target for fiscal 2026 remains at 1%-2% on an annual basis.

  • Company aims to grow faster on the back of two new launches in the large SUV space, including the e-Vitara.

  • Sharp cost increases while incomes have not been catching up has driven small car segment weakness.

  • Urban middle class recovery is a key to small car recovery.

  • It will be India’s largest BEV manufacturer in first year of operation.

  • Exports and Toyota rebadging will support scale and hence drive margins.

Citi On United Spirits

  • Citi reiterates ‘buy’ on Indigo with a target price of Rs 1,800.

  • Demand outlook remains challenging in the near-term.

  • Premiumisation trends likely to recover in two to three quarters.

  • India UK Free Trade Agreement to drive growth and premiumisation.

  • Policy environment likely turning favourable.

    Innovation and renovation agenda remain key growth drivera.

  • Focus on commercial strategy in the on-premise channel.

  • Sustaining Ebitda margin at current levels over the next two to three years.

Morgan Stanley On Grasim Industries

  • Morgan Stanley has an ‘equalweight’ rating on Grasim with a target price of Rs 2,975.

  • The company emphasised a focus on better dealer incentives rather than competing on pricing.

  • Company expects the industry to grow at low single digits in fiscal 2026 as well.

  • Confident of attaining their guided double-digit market share by the end of the fiscal.

Motilal Oswal On Defence, Railways, and Largecaps

  • Defence and Railway Sectors

  • Both sectors have experienced notable gains over the past two months following a dip in March 2025.

  • The Defence sector’s market capitalisation reached an all-time high in May 2025, reflecting a compound annual growth rate of 55% from fiscal 20219 to May 2025.

  • The Railway sector’s market cap has rebounded strongly from its lows, with a CAGR of 46% over the same period.

  • Growth is driven by a robust order book and improved investor sentiment, particularly in mid- and small-cap stocks, fueling rerating trends in these sectors.

Large Caps

  • Large-cap valuations remain elevated, with the Nifty-50’s one-year forward price-to-earnings ratio at 21.2 times, which is about 3% above its long-term average of 20.7 times.

. Read more on Markets by NDTV Profit.Here are the analyst calls to keep an eye out for on Thursday.  Read MoreMarkets 

​NDTV Profit