Reliance, ICICI Bank, Sun Pharma and more: Monday's top brokerage calls

ICICI Bank | JPMorgan has maintained an 'overweight' rating on ICICI Bank with a target of Rs 1,150 per share It says the bank's fourth quarter earnings for FY23 print 7 percent ahead of its estimates.

ICICI Bank | Bernstein has maintained an 'overweight' rating on ICICI Bank with a target of Rs 1,000 per share. It says there is little to complain in the fourth quarter of FY23, except the still weak deposit growth relative to its largest peer.

ICICI Bank | CLSA has maintained a 'buy' rating on ICICI Bank with a target of Rs 1,200 per share. It says the bank delivered an impeccable fourth quarter and added that the bank will use its high profitability phase to invest in more branches this fiscal.

Reliance | JPMorgan has maintained an 'overweight' rating on Reliance with a target of Rs 2,960 per share. It says the relentless FII sell-down remains a key near-term headwind for the stock.

Reliance | Kotak Institutional Equities has maintained a 'buy' rating on Reliance with a target of Rs 2,800 per share. It says that the company's fourth quarter FY23 consolidated EBITDA was 5 percent ahead of estimates.

Reliance | Jefferies has maintained a 'buy' rating on Reliance with a target of Rs 3,125 per share. It says its Q4 EBITDA beat estimates, led by O2C and Jio, however retail was a tad lower. it says the recent softness in refining margin could reverse with healthy US demand and China reopening.

Reliance | Goldman Sachs has maintained a 'buy' rating on Reliance with a target of Rs 2,890 per share. It says the company's Q4 EBITDA was largely in line.

HDFC Bank | The RBI has responded to HDFC Bank on merger-related regulatory relief. CLSA says the RBI has allowed the group to increase its shareholding in HDFC Life and HDFC ERGO to 50 percent and this will remove the overhang for HDFC Life.

HDFC Bank | Bernstein has maintained an 'outperform' rating on HDFC Bank with a target of Rs 2,200 per share. It says the bank has got permission increase the bank's shareholding in HDFC Life and HDFC ERGO to 50 percent or more. It says the development increases the confidence of a smooth merger process.

Sun Pharma | Nomura has maintained a 'buy' rating on Sun Pharma with a target of Rs 1,190 per share. It says there will be a temporary disruption in supplies, according to the company.

Sun Pharma | JPMorgan has maintained an 'overweight' rating on Sun Pharma with a target of Rs 1,200 per share. It says it expects the company's overall revenue to further reduce to 13 percent in FY25.

Yes Bank | Morgan Stanley has maintained an 'underweight' rating on Yes Bank with a target of Rs 17.5 per share. it says that the bank's Q4 PAT was lower than estimated because the lower-than-expected NII and fees.

Cyient | Morgan Stanley has maintained an 'overweight' rating on Cyient with a target of Rs 1,200 per share. It says the  its Q4 results were better-than-expected and the company has a decent revenue growth guidance and strong margin expansion guidance for this fiscal.

Wipro | JPMorgan has maintained an 'underweight' rating on Wipro with a target of Rs 360 per share. it says that Wipro's last three buybacks in FY21, FY20 and FY18 had been via the tender offer route.

Asian Paints | Macquarie has maintained an 'outperform' rating on Asian Paints with a target of Rs 3,600 per share. It says it sees the company's backward integration project giving it access to a technically superior product.