Research Digest

Key insights and analysis from the world's leading banks and research houses on Indian companies, sectors and markets.

Morgan Stanley
J.P. Morgan
Goldman Sachs
Jefferies
Nomura
CLSA

Week of

23–29 Oct 2026

Published Fri 30 Oct

You are reading the edition for the week of 23–29 Oct 2026. Read the latest week →

Quarterly results reset company views while policy questions remained open

Across Morgan Stanley, J.P. Morgan, Goldman Sachs, Jefferies, Nomura and CLSA, the week’s research spanned banks, autos, consumer goods, pharmaceuticals, telecoms, market infrastructure, metals, digital payments, equity taxation and electric two-wheelers.^1–6 Results notes repeatedly separated growth from profitability: Tata Consumer’s 11% underlying volume growth, Kotak’s operating beat, Mankind’s 27% EBITDA margin and TVS Motor’s 13% margin contrasted with softer AU Bank margins, weaker United Spirits premium volumes and Ola Electric’s cash-flow concerns.^2–3,7–18

Against earlier published views, the clearest shifts were stronger assessments of Paytm and KEI, a weaker assessment of Ola, a higher Ather target and lower Vodafone Idea and Vedanta Aluminium targets; many results-linked ratings were unchanged.^{1,3,6,14,19–27} September-quarter results supplied most company evidence, while Jefferies’ equity-tax work remained scenario analysis because no policy decision had been announced.^{2,4,7–9,17–18,28} TVS Motor’s demerger and possible payment-fee or telecom-tariff changes left important questions dependent on corporate execution or policy action.^{1,17–19,22–23}

What tied the week together

Results reset several views
Quarterly results underpinned stronger assessments of Paytm and KEI, revised Mankind estimates and changed targets for Kotak Mahindra Bank and AU Small Finance Bank.^{1–2,9–13,19–21}
Margins moved unevenly
Tata Consumer, Mankind and TVS Motor reported supportive margin evidence, while AU Bank and United Spirits paired weaker operating measures with growth or gross-margin strengths.^{7–8,10–13,15–18}
Electric vehicles diverged
Goldman Sachs cited weaker cash-flow visibility and market-share pressure at Ola Electric, whereas Nomura highlighted Ather Energy’s first quarterly profit, positive EBITDA and stronger bookings.^3,14,24–25
Tax evidence remained limited
Jefferies’ equity-tax cases were hypothetical, with no policy decision announced and fiscal cost identified as a constraint on any reduction.^4,28
TVS emphasis differed
Nomura focused on premium motorcycles, electric vehicles and exports, while CLSA emphasised margin resilience and lower recurring funding needs after the proposed demerger.^17–18
Policy questions stayed open
UPI merchant fees, equity taxation and telecom tariffs remained unresolved inputs to the Paytm, market-flow and Vodafone Idea assessments.^{1,4,19,22–23,28}

What each institution published

The lead note from each house. All of their notes follow below.

Morgan Stanley3 notesPaytmPaytm execution prompted a sharper earnings viewMorgan Stanley shifted its Paytm view after stronger payments and financial-services execution, with possible UPI merchant-fee changes supporting further earnings revisions.^1,19Overweight, was Equal-weightTarget ₹1,95028 OctRead all notes J.P. Morgan4 notesKotak Mahindra BankKotak's operating beat outweighed near-term deposit dragJ.P. Morgan said Kotak Mahindra Bank's broad operating beat, improving deposit mix and liquidity deployment could offset the near-term margin drag from foreign-currency deposits.^2,9OverweightTarget ₹49226 OctRead all notes Goldman Sachs2 notesOla ElectricOla's cash-flow path became less clearGoldman Sachs said Ola Electric's path to sustainable free cash flow had become less clear because of operating losses, interest costs and investment needs.^3,14Sell, was NeutralTarget ₹2323 OctRead all notes Jefferies3 notesEquity taxationEquity-tax options weighed against fiscal costJefferies examined three equity-tax options, saying lower capital-gains taxation could improve foreign flows, while lost revenue could constrain policy choices.^4,2828 OctRead all notes Nomura3 notesJio PlatformsJio coverage focuses on monetisation and cash generationNomura initiated Jio Platforms coverage, focusing on its shift from subscriber expansion towards tariffs, broadband monetisation and stronger cash generation.^5,33BuyTarget ₹1,34028 OctRead all notes CLSA4 notesVedanta AluminiumVedanta outlook shifts after costs beat estimatesCLSA linked Vedanta Aluminium's earnings run-rate to smelter ramp-up and cost savings, while reducing its target after initiating coverage earlier that week.^6,26–27OutperformTarget ₹52529 OctRead all notes

Every note, in detail

What each note found, what changed from the house's earlier view, and why it matters.

Morgan Stanley3
J.P. Morgan4
Goldman Sachs2
Jefferies3
Nomura3
CLSA4

Morgan Stanley3 notes this week

Paytm

Paytm execution prompted a sharper earnings view

Report of 28 Oct

Rating: Overweightwas ~~Equal-weight~~
Target: ₹1,950was ~~₹1,450~~

Summary

Payments and financial-services execution supported a stronger growth assessment.^1,19
Revenue was projected to grow about 30% annually between FY26 and FY29.^1,19

What changed

The view shifted after improved execution and greater growth visibility.^1,19
Potential UPI merchant-fee changes were incorporated into the revised assessment.^1,19

Why it matters

Payments and financial services are central to Paytm's operating scale and profitability.^1,19
Merchant-fee policy could alter the economics of India's digital-payments industry.^1,19

Tata Consumer

India branded growth strengthened Tata Consumer's quarter

Report of 27 Oct

Rating: Overweight
Target: ₹1,202

Summary

India branded revenue grew 17%, supported by 11% underlying volume growth.^7–8
Revenue, EBITDA and adjusted profit rose 14%, 17% and 18%, respectively.^7–8

What changed

The business view was reiterated after the September-quarter results.^7–8
Estimated EBITDA margin reached 13.8%, up 31 basis points year on year.^7–8

Why it matters

India branded products are a major driver of Tata Consumer's consolidated growth.^7–8
Volume growth separates underlying demand from revenue gains driven by pricing.^7–8

Hyundai Motor India

Hyundai recovery rests on volumes, margins and market share

Report of 29 Oct

Rating: Overweight
Target: ₹2,438

Summary

Morgan Stanley expected operating performance to recover during the second half of FY27.^29–30
The assessment centred on volumes, margins and market-share improvement.^29–30

What changed

The existing company view was maintained following the September-quarter results.^29–30
Attention shifted to execution of the second-half recovery plan.^29–30

Why it matters

Hyundai's profitability depends on product mix, commodity costs and capacity utilisation.^29–30
Market-share recovery would indicate whether new models are strengthening its SUV position.^29–30

J.P. Morgan4 notes this week

Kotak Mahindra Bank

Kotak's operating beat outweighed near-term deposit drag

Report of 26 Oct

Rating: Overweight
Target: ₹492was ~~₹468~~

Summary

The September quarter beat expectations across key operating measures.^2,9
Foreign-currency deposits weighed on margins, while asset quality remained benign.^2,9

What changed

The earnings assessment improved after stronger-than-expected operating performance.^2,9
Deposit-mix improvement and liquidity deployment were expected to support margin normalisation.^2,9

Why it matters

Deposit costs and mix shape bank margins when interest rates change.^2,9
Stable asset quality limits the earnings burden from additional provisions.^2,9

AU Small Finance Bank

AU Bank growth held despite softer margins

Report of 26 Oct

Rating: Overweight
Target: ₹1,165was ~~₹1,230~~

Summary

Balance-sheet growth accelerated while credit costs performed better than management guidance.^10–11
Asset-quality pressure was viewed as largely seasonal, with monsoon risks remaining.^10–11

What changed

The company view was maintained, but softer margins and asset-quality concerns reduced the assessment.^10–11
Second-quarter NII, operating profit and profit grew 32%, 25% and 53%, respectively.^10–11

Why it matters

Margins and rural asset quality determine earnings resilience for small-finance banks.^10–11
Seasonal stress can affect slippages and provisioning across agriculture-linked lending.^10–11

KEI Industries

KEI growth outlook improved after margin expectations reset

Report of 27 Oct

Rating: Overweightwas ~~Neutral~~
Target: ₹4,650was ~~₹5,650~~

Summary

J.P. Morgan identified improving volume growth and a product mix supporting margins.^20–21
Lower copper prices remained a key business risk.^20–21

What changed

The company view improved after margin expectations were reset.^20–21
The price assessment was reduced despite the stronger business view.^20–21

Why it matters

Volume growth and product mix shape profitability in wires and cables.^20–21
Copper-price movements affect revenue, inventory and working-capital requirements.^20–21

Mankind Pharma

Mankind's prescription and export businesses beat expectations

Report of 27 Oct

Rating: Neutral
Target: ₹2,700

Summary

Revenue exceeded estimates by 3%, led by Indian prescription medicines and exports.^12–13
The 27% EBITDA margin was about 100 basis points above expectations.^12–13

What changed

EBITDA estimates increased 3-4%, while the overall company view was reiterated.^12–13
Consumer-business growth guidance fell to single digits for FY27.^12–13

Why it matters

Prescription medicines and exports offset weakness in Mankind's consumer-healthcare business.^12–13
Consumer recovery affects the balance between pharmaceutical and over-the-counter growth.^12–13

Goldman Sachs2 notes this week

Ola Electric

Ola's cash-flow path became less clear

Report of 23 Oct

Rating: Sellwas ~~Neutral~~
Target: ₹23was ~~₹39.28~~

Summary

Operating losses, interest costs and investment needs weakened the free-cash-flow assessment.^3,14
Revenue estimates for FY27-FY29 were reduced by up to 10%.^3,14

What changed

The company view weakened as sustainable free-cash-flow visibility declined.^3,14
Market-share pressure reduced medium-term revenue expectations.^3,14

Why it matters

Battery-cell and electric two-wheeler investments require substantial funding.^3,14
Lower market share can delay scale benefits and operating-loss reduction.^3,14

United Spirits

United Spirits margins offset weaker premium volumes

Report of 29 Oct

Rating: Buy
Target: ₹1,575

Summary

Revenue growth missed expectations, while gross margins were stronger than expected.^15–16
Premium-and-above volumes weakened during the September quarter.^15–16

What changed

The company view was reiterated after the September-quarter performance.^15–16
Better gross margins partly offset weak volume and revenue growth.^15–16

Why it matters

Premium volumes influence United Spirits' revenue mix and brand profitability.^15–16
Advertising spending and product mix determine whether gross-margin gains reach operating profit.^15–16

Jefferies3 notes this week

Equity taxation

Equity-tax options weighed against fiscal cost

Report of 28 Oct

Summary

A tax reduction could improve foreign investor sentiment and support the rupee, Jefferies said.^4,28
Financials, energy and consumer technology could benefit most if foreign flows recover.^4,28
Equity LTCG and securities transaction taxes comprised 5% of FY25 gross tax revenue.^4,28

What changed

Jefferies assessed an across-the-board cut, an FPI-specific cut and dollar-based gains calculations.^4,28
No policy decision had been announced when the report was published.^4,28

Why it matters

FPIs withdrew $21 billion in FY26 and $16.5 billion during FY27 through 23 October.^4,28
Foregone tax revenue could limit the scope of any reduction.^4,28

National Stock Exchange

NSE coverage begins with diversified growth case

Report of 29 Oct

Rating: Buy
Target: ₹2,085

Summary

Jefferies expects operating revenue to grow 15% annually between FY27 and FY29.^31–32
Cash trading, technology services and stabilising equity-options share underpin the revenue view.^31–32

What changed

Jefferies expects the EBITDA margin to expand 200 basis points to 78% by FY29.³¹

Why it matters

Options are expected to form a smaller share of transaction revenue as other businesses expand.^31–32
Past derivatives restrictions and tax changes are now largely reflected in earnings, Jefferies said.^31–32

Vodafone Idea

Vodafone Idea target reduced after valuation reset

Report of 27 Oct

Rating: Buy
Target: ₹16was ~~₹20~~

Summary

Network expansion and tariff increases support Jefferies' FY26-FY29 revenue and EBITDA growth assumptions.^22–23
The firm modelled fair values ranging from ₹9 to ₹29 under different tariff scenarios.^22–23

What changed

The base target fell to ₹16 from ₹20 after a lower valuation multiple.^22–23

Why it matters

Jefferies expects network sites to reach 2.61 lakh during FY26-FY29.²²
High operating leverage makes revenue gains from tariff changes important for cash EBITDA.^22–23

Nomura3 notes this week

Jio Platforms

Jio coverage focuses on monetisation and cash generation

Report of 28 Oct

Rating: Buy
Target: ₹1,340

Summary

Nomura described Jio as India's leader in wireless subscribers, data traffic and home broadband.^5,33
It expects EBITDA to grow 13.5% annually between FY26 and FY29.^5,33
Lower capital expenditure and broadband growth could strengthen cash generation.^5,33

What changed

The target uses 12 times December 2028 forecast EBITDA.³³

Why it matters

Jio holds roughly 42% of wireless subscribers and 43% of home broadband connections.^5,33
Tariff increases would shift growth towards revenue per customer rather than subscriber additions.^5,33

Ather Energy

Ather target raised after margin and booking gains

Report of 27 Oct

Rating: Buy
Target: ₹2,070was ~~₹1,926~~

Summary

Average selling prices and margins exceeded Nomura's expectations in the September quarter.^24–25
Stronger bookings and the Konarc platform improved growth visibility.^24–25

What changed

The target rose to ₹2,070 from ₹1,926.^24–25

Why it matters

Ather recorded its first quarterly net profit and a second consecutive EBITDA-positive quarter.^24–25
Konarc broadens Ather's product range in India's electric two-wheeler market.^24–25

TVS Motor

TVS view retained as finance demerger advances

Report of 29 Oct

Rating: Buy
Target: ₹4,605

Summary

Nomura highlighted growth from premium motorcycles, electric vehicles and exports.^17–18
Second-quarter average selling prices exceeded consensus expectations.^17–18

What changed

The note followed TVS Motor's plan to separate its consumer-finance business.^17–18

Why it matters

The planned demerger separates vehicle manufacturing from consumer-finance operations.^17–18
Nomura expects earnings per share to grow 20% annually during FY27-FY29.¹⁷

CLSA4 notes this week

Vedanta Aluminium

Vedanta outlook shifts after costs beat estimates

Report of 29 Oct

Rating: Outperform
Target: ₹525was ~~₹540~~

Summary

Second-quarter results modestly exceeded CLSA's expectations because costs were lower.^6,26
Smelter ramp-up and savings projects support a $5 billion FY27 exit EBITDA run-rate assessment.^6,26
A proposed 30-lakh-tonne smelter is targeted for completion by end-FY28.^6,26

What changed

The target decreased to ₹525 from the ₹540 set when coverage began.^6,26–27

Why it matters

Backward integration and captive alumina supplies affect production costs and margins.^6,26
The next expansion phase will increase the importance of capital allocation.^6,26

Vedanta Aluminium

Vedanta coverage begins on aluminium cycle

Report of 23 Oct

Rating: Outperform
Target: ₹540

Summary

CLSA began coverage after Vedanta Aluminium's stock-market debut.²⁷
The initial view reflected aluminium prices and operational improvements.²⁷

What changed

The target used six times FY28 forecast enterprise value to EBITDA.²⁷

Why it matters

Aluminium-price changes have a direct bearing on earnings and valuation.²⁷
Operational improvements determine how commodity prices translate into cash generation.²⁷

TVS Motor

TVS view retained as margins withstand costs

Report of 29 Oct

Rating: Outperform
Target: ₹4,896

Summary

The EBITDA margin increased sequentially to 13% despite higher commodity costs.^17–18
CLSA highlighted the planned FY28 separation of TVS Motor's finance operations.^17–18

What changed

The note incorporated the proposed consumer-finance demerger.^17–18

Why it matters

The demerger could reduce the parent's recurring funding requirements for the finance business.¹⁷
Margins held despite a 1.9% sequential increase in commodity costs.¹⁷

Maruti Suzuki

Maruti view retained after sequential margin improvement

Report of 28 Oct

Rating: Outperform
Target: ₹14,537

Summary

The second-quarter EBITDA margin rose 71 basis points sequentially to 8.9%.^34–35
Cost reductions, price increases and retail-wholesale timing supported margins.^34–35

What changed

CLSA retained 5% second-half volume growth, below management's domestic guidance.^34–35

Why it matters

Maruti had a 2.7-lakh-unit order book and 17 days of inventory after Dussehra.³⁵
Management expected broadly stable sequential commodity costs during the third quarter.^34–35

Sources

Every numbered point above links here: the publisher, the article and its date.

1The Economic Times: Morgan Stanley turns bullish on Paytm, raises target 35 pc to Rs 1,950 on earnings upside, 28 Oct 2026
2Moneycontrol: Kotak Mahindra Bank stock jumps 2% after Q2 results; JPMorgan raises target price, 26 Oct 2026
3Moneycontrol: Ola Electric shares plunge after Goldman Sachs downgrade, 23 Oct 2026
4Business Standard: Equity LTCG tax cut could boost foreign inflows, support rupee: Jefferies, 29 Oct 2026
5The Economic Times: Jio Platforms gets first Buy call! Nomura says ‘disruptor now the leader’, 28 Oct 2026
6CNBC-TV18: Here's why CLSA, Motilal Oswal see up to 46% upside in Vedanta Aluminium, 29 Oct 2026
7Moneycontrol: Tata Consumer stock surges over 6%, leads Nifty gainers after Q2 profit rises 18%, 27 Oct 2026
8CNBC-TV18: Tata Consumer bullish analysts expect share price to rise up to 42% after Q2 results, 27 Oct 2026
9NDTV Profit: Kotak Mahindra Bank Q2 Review: Brokerages Stay Bullish After Strong Earnings, 26 Oct 2026
10Moneycontrol: AU Small Finance Bank shares fall over 7% amid margin concerns in Q2, 26 Oct 2026
11NDTV Profit: AU Small Finance Bank Q2 Review: Jefferies, JPMorgan Cut Target Prices, 26 Oct 2026
12Moneycontrol: Mankind Pharma stock surges 9% after strong Q2 results, 27 Oct 2026
13CNBC-TV18: Mankind Pharma jumps 8% on Q2 earnings beat, 27 Oct 2026
14NDTV Profit: Ola Electric Shares Downgraded To Sell, Target Price Cut, 23 Oct 2026
15NDTV Profit: United Spirits Q2 Review: Premium Sales Rise 6.3%, But Profit Falls, 29 Oct 2026
16The Economic Times: Goldman Sachs maintains its view on United Spirits after Q2 results, 29 Oct 2026
17CNBC-TV18: TVS Motor shares trade off 4% from day's high after Q2 results, financial services demerger, 29 Oct 2026
18Moneycontrol: TVS Motor shares in focus after Q2 profit jumps 50%; CLSA, Nomura see up to 15% upside, 29 Oct 2026
19Business Standard: Morgan Stanley turns bullish on Paytm, ups target by 35% on earnings upside, 28 Oct 2026
20Moneycontrol: KEI Industries: JPMorgan upgrades rating but lowers price target, 27 Oct 2026
21CNBC-TV18: KEI Industries shares upgraded by JPMorgan on two key factors, 27 Oct 2026
22CNBC-TV18: Vodafone Idea share price can rise 143% from current levels? Jefferies explains a scenario analysis, 27 Oct 2026
23NDTV Profit: Vodafone Idea Shares Offer Attractive Risk-Reward, Says Jefferies, 27 Oct 2026
24Moneycontrol: Ather Energy stock jumps another 4% after 14% rally; Nomura, HSBC raise targets, 27 Oct 2026
25NDTV Profit: Ather Energy Q2 Review: Nomura, HSBC Raise Target Prices After Q2 Surprise, 28 Oct 2026
26Moneycontrol: Price Action: Vedanta Aluminium down 3% after CLSA retains 'outperform', 29 Oct 2026
27The Economic Times: Vedanta Aluminium shares rise nearly 2% as CLSA initiates Outperform call, 23 Oct 2026
28Moneycontrol: Differential treatment for FPIs to across-the-board LTCG tax cut options before govt: Jefferies, 29 Oct 2026
29Moneycontrol: Hyundai Motor India shares surge 5% after Q2 results, 29 Oct 2026
30NDTV Profit: Hyundai Motor India Q2 Review: Record Sales, 9.5% Margins, 29 Oct 2026
31The Economic Times: Jefferies initiates coverage on NSE with ‘Buy’; here’s why it sees fresh growth potential, 29 Oct 2026
32Business Standard: NSE: Growth levers, easing regulatory pressure underpin Jefferies' buy call, 29 Oct 2026
33NDTV Profit: Jio Platforms: Nomura Initiates With 'Buy', Sees 20% Upside, 28 Oct 2026
34CNBC-TV18: Maruti Suzuki Share Price: HSBC sees commodity costs as key trigger, Nomura cites FY28 slowdown risk, 28 Oct 2026
35Moneycontrol: Maruti Suzuki shares slip marginally after missing estimates in Q2, 28 Oct 2026

Could not be confirmed this week (19)

Morgan Stanley: 2026-10-27: Urban Company view after its analyst day was found in one approved outlet.
Morgan Stanley: 2026-10-23: Swiggy, Adani Green Energy and SRF calls lacked two approved independent sources.
J.P. Morgan: 2026-10-23: GLP-1 demand in India, China and Brazil was reported by Reuters and syndicated elsewhere, without a second independent report.
J.P. Morgan: 2026-10-26: Infosys, Coforge and SBI Cards notes were found in one approved outlet each.
J.P. Morgan: 2026-10-28: Bajaj Auto upgrade was found in one approved outlet.
Goldman Sachs: 2026-10-23: Havells India target revision was found in one approved outlet.
Goldman Sachs: 2026-10-26: IDFC First Bank reiterated view was found in one approved outlet.
Goldman Sachs: 2026-10-27: Tata Consumer and Urban Company notes lacked two approved independent sources.
Goldman Sachs: 2026-10-28: Bajaj Auto and SBI Life notes lacked two approved independent sources.
Jefferies: 29 October: FY27 power-demand growth estimate raised to 9% from 7%; no second eligible outlet located.
Jefferies: 29 October: October automobile registrations and wholesale-volume estimates; no second eligible outlet located.
Jefferies: 23 October: JSW Infrastructure target raised to ₹400 from ₹395; single eligible source.
Jefferies: 27 October: Tata Consumer Products target reduced to ₹1,250; single eligible source.
Nomura: 29 October: Cholamandalam Finance target reduced to ₹1,700; single eligible source.
Nomura: 29 October: Max Financial Services target reduced to ₹2,000; single eligible source.
Nomura: 27 October: AU Small Finance Bank target reduced to ₹960; single eligible source.
Nomura: 27 October: BPCL target reduced to ₹385; single eligible source.
Nomura: 27 October: IndusInd Bank earnings estimates raised and target reduced to ₹1,060; single eligible source.
Nomura: 28 October: Paytm target raised to ₹2,300; single eligible source.

Earlier weeks

The last 26 weeks.

November 2026

Week of 30 Oct – 5 Nov 2026Indian earnings strength stayed concentrated as margins and capital weakened elsewhere.Latest week →

Quarterly results reset company views while policy questions remained open

What tied the week together

What each institution published

Every note, in detail

MSMorgan Stanley3 notes this week

Paytm execution prompted a sharper earnings view

Summary

What changed

Why it matters

India branded growth strengthened Tata Consumer's quarter

Summary

What changed

Why it matters

Hyundai recovery rests on volumes, margins and market share

Summary

What changed

Why it matters

JPMJ.P. Morgan4 notes this week

Kotak's operating beat outweighed near-term deposit drag

Summary

What changed

Why it matters

AU Bank growth held despite softer margins

Summary

What changed

Why it matters

KEI growth outlook improved after margin expectations reset

Summary

What changed

Why it matters

Mankind's prescription and export businesses beat expectations

Summary

What changed

Why it matters

GSGoldman Sachs2 notes this week

Ola's cash-flow path became less clear

Summary

What changed

Why it matters

United Spirits margins offset weaker premium volumes

Summary

What changed

Why it matters

JEFJefferies3 notes this week

Equity-tax options weighed against fiscal cost

Summary

What changed

Why it matters

NSE coverage begins with diversified growth case

Summary

What changed

Why it matters

Vodafone Idea target reduced after valuation reset

Summary

What changed

Why it matters

NOMNomura3 notes this week

Jio coverage focuses on monetisation and cash generation

Summary

What changed

Why it matters

Ather target raised after margin and booking gains

Summary

What changed

Why it matters

TVS view retained as finance demerger advances

Summary

What changed

Why it matters

CLSACLSA4 notes this week

Vedanta outlook shifts after costs beat estimates

Summary

What changed

Why it matters

Vedanta coverage begins on aluminium cycle

Summary

What changed

Why it matters

TVS view retained as margins withstand costs

Summary

Morgan Stanley3 notes this week

J.P. Morgan4 notes this week

Goldman Sachs2 notes this week

Jefferies3 notes this week

Nomura3 notes this week

CLSA4 notes this week