Brokerage Reports: DMart Caution, Vodafone Idea Relief, SBI Upgrade & More!

• Nuvama and Investec are positive on Lemon Tree Hotels after Warburg Pincus' entry and business reorganization, setting targets of ₹178 and ₹187 respectively.
• Macquarie sees strong growth for banks and insurance, upgrading SBI to Outperform with a ₹1,150 target, while downgrading Bandhan Bank and SBI Cards.
• Nomura maintains a Buy on Dr Reddy’s (target ₹1,580) despite a US FDA PAAL letter, clarifying it's not a rejection and the Rituximab biosimilar filing is on track.
• Citi's report on Vodafone Idea is positive, citing potential AGR relief as a game-changer for fundraising and network investment, setting a ₹15 target.
• Brokerages are divided on DMart (Avenue Supermarts): Citi recommends Sell due to slow Same-Store Growth, while Jefferies and Nuvama advise Hold, noting margin improvement but slow growth.

Why It Matters: Mixed brokerage reports highlight opportunities in banking/insurance and challenges for DMart, with potential relief for Vodafone Idea.