1 / 12UltraTech Cement | India’s largest cement company is the latest entrant to CLSA’s ‘high-conviction outperform’ list. The brokerage also raised its price target to ₹14,700 per share on Wednesday, September 17.
2 / 12Bandhan Bank | CLSA has a ‘high conviction outperform’ rating on Bandhan Bank since July 20. It has set a price target of ₹220 apiece on the stock, implying a potential upside of 34% on the stock.
3 / 12DLF | The stock has been under CLSA’s ‘high conviction outperform’ list since May 21. It has a price target of ₹1,025 on the real estate major, indicating a 30% potential upside.
4 / 12Indus Towers | CLSA gave Indus Towers a ‘high conviction outperform’ rating on May 2. The brokerage has a price target of ₹520 on the stock, indicating an upside potential of 47%.
5 / 12Avenue Supermarts | CLSA has a ‘high conviction outperform’ rating on the stock since July 31. Its price target of ₹6,406 on the stock implies an upside potential of nearly 35%.
6 / 12Eternal | CLSA has a ‘high conviction outperform’ rating on Eternal since May 2. It has set a target of ₹385, indicating a 17% upside potential.
7 / 12Tech Mahindra | The stock has been under CLSA’s ‘high conviction outperform’ rating since May 13. CLSA has a price target of 2,020 per share, which also implies a 30% upside. However, the stock is down 9% so far in 2025.
8 / 12Dixon Technologies | The stock has been under CLSA’s ‘high conviction outperform’ rating since May 21. It has a price target of ₹19,000 per share.
9 / 12Max Financial Services | Another new entrant to CLSA’s ‘high-conviction outperform’ list, the insurance company has been ascribed a price target of ₹1,800 by the brokerage, indicating a 17% upside potential.
10 / 12NHPC | One of the few state-run companies on the list, CLSA has a ‘high conviction outperform’ rating on NHPC since May 13 with a target of ₹117 per share, which implies a 35% upside and is well above the stock’s recent 52-week high of ₹96.4.
11 / 12ONGC | CLSA has a ‘high conviction outperform’ rating on ONGC since May 23. The price target of ₹360 implies a potential upside of 52%, which is the highest among this list.
12 / 12Apollo Tyres | CLSA has a ‘high conviction outperform’ coverage on the stock since May 16 with a price target of ₹566 per share, which implies a 17% upside potential.
