Morgan Stanley has overweight rating on ONGC with a target price of Rs 345. According to analysts, over the past two decades, ONGC has paid out about $33 billion in dividends, roughly equal to its current market capitalization, while generating an average after-tax Return on Capital Employed (ROCE) of 12%. Over the next 20 years of 2P’s reserved life, analysts expect dividends to double the historical rate. Production’s 3% compound annual growth rate (CAGR) over FY26-FY29, with growth driven by gas production domestically and turnaround in profitability in international operations, drives 14% earnings CAGR.HSBC has initiated coverage of Max Financial Services with a buy rating and a target price of Rs 2,120. Axis Max Life Insurance (AMLI), the principal operating subsidiary of Max Financial, is one of the fastest growing life insurance companies in India. Analysts believe its focus on diversifying distribution and products will drive sustainable, predictable growth with stable margins. He also believes that continued operating performance and progress on a potential merger are key catalysts for the company. The sector’s valuations have declined over the past few years due to regulatory constraints, but I believe Max Financial’s resilience is reflected in its fundamentals. Analysts also flagged some key downside risks for the stock including delays, regulatory hurdles, or adverse outcomes in the reverse merger; possible introduction of bancassurance limits; And any lack of focus by Axis Bank on selling insurance products.Jefferies has initiated coverage of Meesho with a target price of Rs 225. Analysts said Meesho is building a scale-based value commerce platform based on affordability, discovery and logistics efficiency. A loyal user base, supported by a deep MSME supply network, is driving a strong flywheel. A growth-led approach should keep monetization back-end, with rates increasing over time. The company’s balance sheet is net cash with negative working capital, supporting capital-efficient growth.DAM Capital has initiated coverage on Physicswala with a target price of Rs 140. Analysts said this is an Indian ed-tech story where scale did not come at the expense of P&L. He expects the company to achieve 24% revenue CAGR and 71% EBITDA CAGR during FY26-FY28. Driven by near-zero-cost range online expansion (civil services, CA, state boards), maturing academic clusters offline, and operations benefit from an approximately 2,500-strong centralized content and faculty base serving both channels. Analysts believe it is the only major Indian ed-tech player to come close to profitability, a direct result of the industry’s lowest customer acquisition costs. Also, the refusal to pay salaries to star-teachers left every partner broke.CLSA has outperform rating on SBI with a target price of Rs 1,275. Analysts looked at the lender’s annual reports. He said FY26 was a good year for the bank. On the deposit side, the focus was on ‘retailisation’ of deposits, with retail savings and term deposits (TDs) growing 12-15% year on year (YoY). Corporate salary accounts grew 11% to cross 2 crore in FY26. There was significant improvement in Priority Sector Lending (PSL) compliance despite a sharp decline in PSL certificate purchases. Rural Infrastructure Development Fund (RIDF) assets are also stable since FY24, which means less pressure on net interest margin (NIM). During the year, SBI initiated a complete operational process re-engineering exercise, which is ongoing. Variants of business loan products were also launched during the year, he said. (Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management are their own. These opinions do not represent the views of The Times of India)