![\"Kotak](\"https:\/\/static.toiimg.com\/thumb\/msid-131432016,imgsize-942042,width-400,height-225,resizemode-4\/131432016.jpg\" "\\".\\"")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nUBS has downgraded MCX to neutral but raised the target price to Rs 3,600 from Rs 3,200 earlier. Analysts said that bourse\u2019s peak earnings momentum is likely behind as there\u2019s been elevated volatility across key commodities in recent months. So far in the April-June quarter (Q1FY27) there\u2019s been healthy volumes on the exchange, after normalizing from the Q4FY26 levels. Also, analysts feel there aren’t any worries about competition as of now. Currently, the stock is trading at about 50x its one-year forward price-to-earnings (P\/E), about 10% higher than its historical average. They believe strong volume run-rate is already priced in and they see limited upside.Morgan Stanley has maintained equal-weight on Ashok Leyland<\/a> with the target price at Rs 180. Analysts said the company\u2019s Q4FY26 earnings before interest, taxes, depreciation and amortization (EBITDA) beat estimates by 4% while margins at 14.6% were down 40 basis points (100 basis points = 1 percentage point, or bps) on the year (YoY). Demand for the company\u2019s products remained resilient, though commodity and diesel price headwinds need monitoring, they said. Recently the company raised prices by 1-1.5% to offset commodity inflation. Its Switch Mobility has turned profitable and battery pack manufacturing has started, while its balance sheet remains strong with Rs 5,890 crore cash on books. Analysts cautioned on margin headwinds and elevated valuations despite strong long-term CV industry structure.HSBC has a hold rating on Siemens with the target price at Rs 3,540. Analysts said that the company\u2019s order inflows and execution are strong, but higher materials cost weighed on earnings in the March quarter. Capex cycle was steady so far, but margin recovery could be gradual against as was expected earlier. Analysts believe the current valuation adequately captures medium-term earnings growth and execution optimism.Jefferies has a buy on GMR Airports with the target price at Rs 125. Analysts said GMR’s Q4FY26 EBITDA was a tad below at Rs 1,480 crore (Estimate was at Rs 1,530 crore). It was about 47% higher on a YoY basis but 13% below on a QoQ basis. FY26 EBITDA at Rs 6,000 crore grew 60% YoY, despite 1% YoY passenger growth. The company\u2019s Q4FY26 EBITDA was impacted by weakness in international traffic (hurting non-Aero growth) and higher expenses at the Hyderabad Airport. GAL platform continues to scale up with near 2x EBITDA YoY in FY26. The company\u2019s net profit was much stronger and the company clocked a full year positive PAT after several years. Analysts also pointed out that its net debt also declined QoQ.Kotak Securities has a reduce recommendation on Varroc Engineering with the target price at Rs 550, down from Rs 590 earlier. Analysts said Q4FY26 was another weak quarter with EBITDA at 6% below estimates. Analysts expect domestic revenues to grow marginally ahead of industry growth. They cut FY27-28 earnings per share (EPS) estimates by 5-6%.Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India<\/span><\/div>\n