Stock calls for today: What brokerages are recommending for May 23

Morgan Stanley downgraded IndusInd Bank to underweight from equal-weight earlier and cut target price to Rs 700 from Rs 755 earlier. Analysts said a bear case is playing out in the stock. They expected sharp net interest income (NII) miss post recent disclosures but were negatively surprised by incorrectly classified MFI slippages. They also said that the high margin loan mix is moving lower and will weigh on return on assets recovery. They expect gradual earnings recovery on a weak starting point.

Macquarie maintained its underperform rating on Swiggy with an unchanged price target of Rs 260. Analysts said they recalibrated and further trimmed their FY26/27/28 forecasts following softer than expected Jan-March quarterly numbers. For Instamart, they see downside to guidance of contribution margin break even in 3-5 quarters. In food delivery, they see slower growth.

Elara Securities India has a buy rating on Power Finance Corp with the target price at Rs 508. Analysts said while PFC concluded FY25 on a steady note, Jan-March earnings stood mixed. Healthy loan growth and recoveries from KSK Mahanadi resolution bolstered net profit. Provisions stood elevated due to NPA recognition of Gensol Engineering and also provisions toward 13 discoms that saw ratings downgrade. Excluding one-off recoveries, NII would have been flat, resulting in a sequential decline in net profit.

BNP Paribas India has an outperform rating on Fortis Healthcare with the target price at Rs 754. Analysts said the company’s Jan-March quarterly revenue was largely in line with estimates, while EBITDA margin beat estimates, led by the hospital segment as its revenue growth was aided by an improvement in occupancy levels. Diagnostics segment’s revenue was subdued due to the rebranding from SRL to Agilus. They remain optimistic about the hospital segment’s growth outlook, led by its brownfield bed expansion plans and improvement in operational metrics of existing hospitals.

Prabhudas Lilladher has a buy rating on Interglobe Aviation (Indigo) with the target price at Rs 6,084. Analysts said yield and benign crude aided the airlines’ profits. They also hiked their FY26 and FY27 net profit estimates. They said Indigo reported better than expected performance with a strong forex-adjusted EBITDAR margin which was aided by Maha Kumbh and fall in fuel costs due to benign ATF prices. Notwithstanding near-term challenges amid the ongoing geo-political tensions, Available Seat Kilometers (ASKM) growth guidance of mid-teens for April-June is encouraging. They also expect the overall pricing environment to remain stable with yields of Rs 5.1 over next two years as the aviation market is now a duopoly with limited threat of predatory pricing. Plans to deepen international penetration, strategic focus on premiumization and subsiding aircraft on ground count will act as key growth and margin levers.