Buy or sell: Stock recommendation for April 20, 2026

Motilal Oswal Securities has a buy rating on Dixon Technologies with the target price at Rs 14,700. Analysts said that considering high memory prices, several smartphone players have started increasing prices to pass on higher costs. As expected earlier, this is likely to impact overall volumes of smartphone markets, particularly low and mid-range smartphones. Analysts said that despite volume impact, they see positives in the govt relaxing Press Note 3 approval process, thereby hoping that Dixon-Vivo JV will be approved soon; Approval for 74:26 JV of Dixon with HKC for display modules; and Electronics Components and Manufacturing Scheme (ECMS) approval for Dixon’s display modules. In the next 2-3 quarters, Dixon will see impact of lower volumes and margins amid end of PLI benefits, after which backward integration benefits will boost margins, analysts said.

Macquarie has an underperform rating on United Spirits with the target price at Rs 1,350. Analysts said that the company’s growth is likely behind Pernod India. Pernod India saw 11% sales growth in the Jan-Mar 2026 quarter. They estimated that United Spirits saw a marginal market share loss to Pernod during the quarter.

Citigroup has a buy rating on HDFC Life with the target price at Rs 950. Analysts said Jan-March 2026 (Q4FY26) performance was marred by multiple hurdles like regulatory changes (absence of ITC post GST rate cuts), elevated competitive pressure in the core parent bank, lower credit protect in the first half of FY26 and weak equity market sentiment. Value of new business (VNB) margin was flat on a quarterly basis at 24%, about 50 basis points higher than Citi’s estimate. The management of the company outlined concerted efforts to recoup counter share at core banca, drive operating efficiencies in proprietary channels, product refinements and innovation and agile customer cohort targeting strategies to drive individual annual premium equivalent (APE) growth over medium-term.

Morgan Stanley maintained its overweight rating on HDFC AMC with a revised target price of Rs 2,975 (raised from ₹2,915). Analysts said the company’s operating performance was in line with expectations. SIP flows remained strong supporting assets under management (AUM) growth. They also felt yield compression concerns were overdone compared to peers. Annual average AUM growth is expected at 9% in FY27 and 37% in FY28, while earnings growth is estimated at 11% and 35% over FY27 and FY28. They said there’s limited upside for the stock but has a relatively better valuation versus peers.

Nomura has a buy rating on Wipro with the target price at Rs 250. Analysts said 4QFY26 was a mixed bag while the guidance for the April-June quarter of FY27 fell short of estimates. The company’s deal wins remained steady. It’s aiming to keep earnings before interest and taxes (EBIT) margin in a tight band despite near-term headwinds. The company announced a large buyback and its capital allocation is now at par with larger peers. Analysts increased Wipro’s FY27-28 EPS by 1-2%. They believe high dividend yield should support the stock.

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