Brokerage Reports: JPMorgan Warns Dr Reddy's, ITC Downgraded Amid Tax Hike

• JPMorgan downgraded ITC to Neutral, cut target to ₹375 due to sharp cigarette tax hike, risking volume/earnings.
• UBS maintains Buy on ITC with ₹430 target, believing current price discounts conservative EBIT growth despite tax uncertainty.
• JPMorgan issued Underweight on Dr Reddy's, target ₹1,170, citing US FDA's CRL for Denosumab biosimilar and high valuation.
• Goldman Sachs gave Neutral rating on KPIT Technologies, target ₹1,150, expecting Q3 revenue growth but margin pressure from wage hikes.
• UBS maintains Buy on Devyani International, target ₹190, anticipating significant synergies from Devyani–Sapphire merger.

Why It Matters: Brokerages offer mixed views on top stocks; ITC faces tax woes, Dr Reddy's regulatory hurdles, Devyani merger benefits.