Brokerage Battle: Bharat Forge, HAL Stocks Spark Debate, Some See 'Diamonds', Others 'Coal'

• A 'battle' has erupted among brokerages over two defense sector stocks, Bharat Forge and Hindustan Aeronautics Limited (HAL), following Q3 results.
• Some global firms predict up to 49% jump for these stocks, while others raise red flags on valuations and export challenges.
• Bharat Forge's Q3 operating profit (EBITDA) grew 18% year-on-year, exceeding market estimates, driven by domestic auto and defense orders.
• Jefferies upgraded Bharat Forge to 'Buy' with a target of Rs 2,150 (24% upside), while Citi maintained 'Sell' with a target of Rs 930 (46% downside).
• HAL shares see strong analyst enthusiasm with Jefferies setting a target of Rs 6,220 (49% upside), but Morgan Stanley gives an 'Underweight' rating with a target of Rs 3,355.