Brokerages Issue Divergent Views on Amber, Titan, Eicher, Star Cement, Lemon Tree

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AuthorAkshat Lakshkar|Published at:
Brokerages Issue Divergent Views on Amber, Titan, Eicher, Star Cement, Lemon Tree
Overview

On February 12, 2026, brokerages presented a mixed scorecard for key Indian stocks. Yes Securities recommends buying Amber Enterprises, citing strong traction and future growth. ICICI Securities maintained an 'add' rating on Titan, noting resilient demand despite gold price concerns. Conversely, Motilal Oswal reiterated a 'sell' on Eicher Motors, pointing to normalized demand and capped margin upside. Star Cement and Lemon Tree Hotels also saw varied analyst sentiment.

Amber Enterprises: Bullish Outlook

Yes Securities initiated coverage on Amber Enterprises with a buy recommendation and a target price of ₹8,962. Analysts noted the company's significant capability enhancements and focus on value addition, which are expected to drive future growth and margins. The railways business is projected to double revenue within two fiscal years, supported by a strong April-December 2025 performance and consistent execution excellence. Consequently, earnings estimates for FY27 and FY28 have been revised upwards.

Titan Company: Cautious Optimism

ICICI Securities maintained an 'add' rating on Titan, setting a target price of ₹4,500. Despite strong jewelry sales growth in the October-December 2025 quarter amid high gold prices, driven by larger ticket sizes, analysts observed relatively lower volume elasticity, indicating resilient underlying demand. A key monitorable is margin sustenance within the 11-11.5% range, as potential dilution from gold prices in the studded segment and increased coin sales could weigh on jewelry margins. CaratLane's scaling and profitability improvements are noted, alongside strong sales in watches and eyewear. However, rising gold prices remain a concern for consumer behavior and the business model.

Eicher Motors: Sell Recommendation

Motilal Oswal Securities reiterated its 'sell' rating on Eicher Motors, with a target price of ₹6,313. The firm attributed the robust domestic volume growth for Royal Enfield in FY26 primarily to GST rate cut benefits. Demand, however, appears to have normalized after an initial surge. With the management's continued focus on 'growth over profitability,' margin upside is expected to be capped. Given the anticipated slower earnings growth, analysts see no justification for the stock trading at premium valuations.

Star Cement: Buy on Regional Strength

Emkay Global Financial Services has a buy rating on Star Cement, raising its target price to ₹300 from ₹280. Higher-than-expected realization contributed to consolidated EBITDA exceeding brokerage estimates. Analysts favor Star Cement's regional dominance in the northeastern market and its efforts to expand its leadership. Entry into Rajasthan is seen as a strategic move to establish the brand across North India and shed its regional player image.

Lemon Tree Hotels: Accumulate for Mid-Market Play

Elara Securities assigned an 'accumulate' rating to Lemon Tree Hotels with a target price of ₹157. The company reported in-line operational performance. While the asset addition pipeline, driven by managed hotels, continues to grow, new hotel openings have been sluggish. Future growth is expected from improved mix at Aurika Mumbai, the Shimla opening in FY27, higher management fee income, and double-digit RevPAR growth for the owned portfolio. Lemon Tree Hotels is considered a strong play on the mid-market hotel segment, though profitability may be affected by industry upcycles and recurring renovation expenses.

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