Top stocks to buy or sell: Stock recommendations by brokers for December 1

Jefferies initiated coverage on Lenskart with a buy rating, citing strong growth potential and an efficient omni-channel model. Nomura maintained a buy on M&M following its new electric SUV launch. Kotak upgraded JSW Infrastructure to reduce, while UBS has a buy on GAIL despite a disappointing tariff hike. Representative image (AI-generated) Jefferies initiated its coverage on Lenskart with a buy rating and the target price at Rs 500. Analysts said that Lenskart, India’s largest tech-driven eyewear retailer, holds just about 5% market share, offering strong growth potential. Its vertically integrated omni-channel model ensures cost efficiency, rapid delivery, and superior customer experience, they said. India serves as a bedrock for the company with over 85% contribution to earnings before interest, taxes, depreciation, and amortization (EBITDA), while the international segment offers optionality. Analysts feel Lenskart offers attractive unit economics and fast paybacks should drive 50%+ adjusted EBITDA compounded annual growth rate (CAGR) between FY25 and FY28. Nomura has a buy rating on M&M with the target price at Rs 4,355. Analysts said that M&M launched a new 7-seater electric XEV 9S SUV on Nov 27 Nov at an introductory price of Rs 19.95 lakh. Bookings for the model will begin on Jan 14, 2026 and deliveries will start from Jan 23, 2026. XEV 9S comes with premium features and is priced much more attractively than expectations of Rs 23-31 lakh. XEV 9S is based on the INGLO platform and powered by MAIA. Kotak Institutional Equities has upgraded JSW Infrastructure to reduce from sell with the target price at Rs 270. Analysts said that the recent discussion about the company comforts them on prospects that it would leverage the group’s capabilities and requirements to generate a reasonable return on growth investments over the next five years. It also provides comforts on recovery in growth in Jaigarh by using pricing and investment levers to regain market share in Maharashtra. They feel that the key risk to the investment thesis is longevity and sustainability of growth, which lacks comfort for now. They also feel that the recent price correction still falls short of giving an attractive buy price point. UBS has a buy on GAIL with the target price at Rs 215. Analysts said that the recent tariff hike was disappointing while the increase in realized tariffs could be even lower. The 12% hike in announced tariffs does not mean equal increase in realized tariffs, they said. Current hike in tariffs reflects revision in only two parameters: Increase of Rs 5.16/mmbtu on account of higher system-use-gas, and the increase of Rs 1.92/mmbtu on account of lower volume divisor as per latest capacity determination. However, the regulator deferred the review of other parameters to FY28 (next tariff effective from 1 April 2028), flagging that a true-up of all parameters at this stage would lead to a material increase in tariff and can place some unexpected financial pressure on its customers. JP Morgan has an overweight rating on LIC with the target price at Rs 1,200. Analysts feel that the product mix shift, margin expansion, and distribution diversification would drive growth for the life insurance major. They also feel that the GST removal is likely to increase both the penetration and density of the insurance market. The company does not plan to pass on the cost benefit to distributors or customers, analysts said. End of Article