Defence Stocks: Bharat Forge, HAL Eye Up to 49% Rally Post Q3 Results

• Bharat Forge and Hindustan Aeronautics (HAL) shares are in focus after their Q3 results, with brokerages divided on their future.
• Jefferies upgraded Bharat Forge to 'Buy' with a target of Rs 2,150 (24% upside), citing strong domestic auto and defence order execution.
• Citi maintained 'Sell' on Bharat Forge with a target of Rs 930 (46% downside), due to weak export revenue and North America truck segment decline.
• HAL sees strong upside potential, with Nomura targeting Rs 6,000 (45% upside) and Jefferies Rs 6,220 (49% upside).
• Morgan Stanley gave an 'Underweight' rating on HAL with a target of Rs 3,355, indicating a cautious stance.