Brokerage firms have issued notes on Avenue Supermart and Just Dial immediately after the second quarter results. Apart from this, there are brokerage reports on L&T and CONCOR. Let us know their complete details further.

JPMorgan's View on L&T
: Overweight
Target: ₹4,360 per share
 

• Company trades at 25x FY26 core EPS, EPS CAGR for FY24-27 expected at 23%
• The company is offering attractive growth opportunities at reasonable valuations
• Rapid growth in EPS possible on the back of strong core income growth of 16%
• EPS growth to accelerate after margins improve by 60 basis points during FY24-27
• Huge capacity, large order book, strong balance sheet and excellent cash flow
• This stock will benefit from capex in India and Middle East

Bernstein's View on Avenue Supermart
Opinion: Outperform
Target: ₹5,800 per share
 

• Income growth weaker than expected, slowest in 4 years, LFL growth slowest in 3 years
• Standalone EBITDA & margins remain subdued YoY due to operating leverage
• The company can increase growth by 20% due to rapid store and retail area addition
• Increasing focus on 4-6 hour delivery will also help in 20% growth

CLSA's opinion on Avenue Supermart
: Outperform Target: ₹5,360 per share
 

• Q2 sales and profits weaker than estimates
• Gross margin was 30 basis points weaker than estimates
• Profit was weaker than expected due to higher than expected employee cost
• Estimates for FY25-27 cut by 13-15%
• Management cited rising competition from e-commerce as one of the reasons for the poor performance

JPMorgan's opinion on Avenue Supermart
Opinion: Neutral
Target: ₹4700 per share
 

• Rating downgraded to neutral, target also reduced from ₹5400 to ₹4700 per share
• Q2 results weaker than expected, earnings growth subdued due to sluggish LGL growth
• The effect of online grocery format was seen
• The normalisation of Same Store Sales Growth (SSSG) was a surprise
• We have cut SSSG/income estimates by 4-6% for FY25-26

Morgan Stanley's View on CONCOR
: Underweight
Target: ₹ 774 per share
 

• Handling volume growth stood at 6% in the second quarter
• Handling volume growth was estimated at 7%
• Growth was at 6% in the first quarter
• CCRI had earlier estimated Exim growth to be 15% and domestic growth to be 25%
• Annual guidance will be met only by 26% growth in Exim and 35% in the domestic segment during the second half

Citi's opinion on Just Dial
: Sell
Target: ₹ 1,075 per share
 

• Q2 revenue (+9% YoY) & EBITDA (+68% YoY) missed estimates by 2%/6%, respectively
• Profit increased by 27% due to higher income
• Paid campaign net ads grew 1% quarterly and 7% year-on-year to over 7,000
• Realization growth 2% year-on-year, slowest growth since Q1FY23
• User traffic is critical to sustaining campaigns and realization growth
• 15% growth in user traffic year-on-year