LiveMint reported Oct. 26 that Jefferies cut its target for Adani Energy Solutions to ₹1,980 from ₹2,060, a level 62% above the stock’s Oct. 23 close and the largest implied gap among four shares covered.
The report put AU Small Finance Bank at ₹1,250, down from ₹1,270; Bharat Petroleum Corporation (BPCL) at ₹380; and IDFC FIRST Bank at ₹96, which it said Jefferies maintained. Compared with NSE closes on Oct. 23 of ₹932.90, ₹281.95 and ₹72.30, respectively, those targets were about 34%, 35% and 33% higher. LiveMint gave no target horizon, so the percentages compare target prices with past closes.
The report said Jefferies lowered AU’s target, citing higher operating expenses and tighter bancassurance fee rules. It attributed to the brokerage forecasts of 23% compound annual loan growth and 28% profit growth for FY27-FY29, using FY27 as a normalized base. For BPCL, LiveMint said Jefferies used a 1.4-times price-to-book multiple based on September 2028 estimates and cited higher Brent crude prices amid conflict risks as a drag on the shares. It also said the brokerage saw BPCL trading at a price-to-book discount to HPCL despite a stronger full-cycle return on equity.
For IDFC FIRST Bank, LiveMint said Jefferies kept the ₹96 target, raised FY27 estimates by 8% and FY28-FY29 estimates by 2% to 3%, and flagged a possible capital need within 12 months. The report said targets for Adani Energy Solutions and AU Small Finance Bank had been cut, while IDFC FIRST Bank’s was maintained.
The reported calls followed results for the quarter ended Sept. 30. Adani Energy Solutions reported Q2 FY27 total EBITDA of ₹3,548 crore, up 67% year over year, and profit after tax of ₹1,364 crore, up 145%. IDFC FIRST Bank reported profit after tax of ₹1,045 crore, up 196.5%, while AU Small Finance Bank’s Q2 FY27 release reported a 53% rise in profit after tax. BPCL’s Oct. 23 filing said its board approved unaudited results for the quarter.
