Adani stocks 2026: Bernstein, Jefferies raise targets

Why broker calls on Adani Group stocks matter now

Global broker reports on the Adani Group drew attention after a mix of initiations, upgrades, and valuation resets across power, ports, and green energy plays. Bernstein initiated coverage on select names, while Jefferies raised target prices on three Adani stocks and reiterated its positive stance. The updates arrive at a time when Adani Power has seen sharp price action, including a record high of Rs 197.05, alongside differing views on what is already priced in. For investors, the key takeaway is that target prices and ratings are diverging across the same group, depending on the business segment and valuation framework.

Bernstein initiates: Outperform on Adani Ports and Adani Power

Bernstein suggested an Outperform rating on Adani Ports with a price target of Rs 1,880. It also initiated Outperform on Adani Power with a price target of Rs 177. Bernstein’s note highlighted that Adani Power’s stock had “run-up too fast” since its initiation, even while maintaining the positive rating. The brokerage described the thermal power market as “effectively a 2-3 player market,” and flagged equipment as a bottleneck. It also said the company has blocked both Indian suppliers for years to come, indicating constrained supply and limited competition in equipment access.

Bernstein’s mixed stance within the group: Ambuja and Adani Green

Bernstein’s view was not uniformly positive across all related names. It assigned a Market-Perform rating on Ambuja Cements with a target price of Rs 542. On the renewable energy side, Bernstein initiated an Underperform rating on Adani Green with a target price of Rs 864. The spread in ratings underscores how broker outlook can differ sharply between conventional power, ports-led logistics, cement, and renewables.

Jefferies raises targets on Adani Power, Ports, and Enterprises

Jefferies raised target prices on Adani Power, Adani Ports, and Adani Enterprises, while retaining a Buy call on all three. The brokerage signalled optimism on volumes, EBITDA improvement, and strategic execution, linking its stance to rising demand across ports, power, and diversified infrastructure. For Adani Enterprises, Jefferies raised the target price to Rs 2,800 per share. For Adani Ports (APSEZ), Jefferies raised its target price to Rs 1,980 from Rs 1,825.

Jefferies on Adani Power: multiple, CAGR assumption, and capacity plan

For Adani Power, Jefferies raised its price target to Rs 255 from Rs 185. The brokerage said it assigned a 20x FY28E EV/EBITDA multiple. The revision assumes a 23% EBITDA CAGR through FY26-29E, backed by capacity expansion plans. Jefferies also said it sees capacity to double to 30.7 GW by FY30E. These stated assumptions form the backbone of the higher target, and place emphasis on scale expansion and earnings growth.

Adani Power targets elsewhere: fair value tweaks and a lower average band

Alongside high-profile brokerage notes, the text also reflects multiple analyst fair value updates for Adani Power driven by changes in inputs such as discount rate, revenue growth, profit margins, and future P/E. Several references point to fair value estimates around Rs 180 to Rs 187. One line notes that analyst price targets suggest a possible drop from current levels, with an average target of Rs 180- Rs 187, indicating the recent rally may be fully priced in. Separately, a summary of 1-year forecasts from six analysts showed a max estimate of Rs 184.00 and a min estimate of Rs 129.80, with a stated price target of Rs 151.73.

Technical view: record high, key support, and resistance levels

Adani Power shares hit a record high of Rs 197.05. Jigar S Patel of Anand Rathi said support is placed at Rs 182, while resistance stands at Rs 205, adding that a decisive breakout above Rs 205 could open the door for upside towards Rs 210. He also said the stock is expected to trade within the Rs 182- Rs 210 range in the short term. Hitesh Tailor of Choice Broking said the stock is showing strong technical strength after a horizontal resistance breakout and sustaining above the breakout zone. Tailor added that, with the stock trading around Rs 195, it remains above key moving averages, and that a retracement towards Rs 175- Rs 180 could offer a better risk-reward entry. He flagged support near Rs 160, while citing upside potential towards Rs 215- Rs 225, with risk management.

Power stocks move on Bernstein coverage initiation

Power stocks jumped as much as 4% during a Wednesday trading session as Bernstein initiated coverage on select companies including Adani Power, Tata Power Company, and others. Bernstein assigned Outperform to Adani Power, JSW Energy, and Tata Power, with target prices of Rs 177, Rs 575, and Rs 443, respectively. During that session, JSW Energy rose nearly 3.96% to Rs 503.45, with market capitalization close to Rs 88,000 crore. Adani Power rose more than 3% to Rs 155.30, while Tata Power gained nearly 2.65% to Rs 394.90. Bernstein also initiated coverage on NTPC Green Energy with an Underperform rating and a target price of Rs 80, while the stock rose more than 2% to Rs 97.73.

Another bullish view: Antique reiterates Buy on Adani Power

Antique Stock Broking maintained its Buy rating on Adani Power and retained a target price of Rs 187, despite subdued December quarter results. The brokerage cited long-term capacity expansion, improving power purchase agreement (PPA) coverage that enhances earnings visibility, and balance sheet resilience amid near-term earnings pressure. Antique reiterated that its target price is based on 15 times FY28 estimated EBITDA, supported by a discounted cash flow valuation. It framed the investment case around scale-led growth, improving cash flow visibility, and a gradual reduction in earnings volatility.

Key broker targets and ratings at a glance

Market impact: what investors are balancing

The broker notes show a clear split between high-conviction targets that rely on expansion-led growth assumptions and more cautious views that point to stretched prices. In Adani Power’s case, price action is intersecting with both fundamental valuation frameworks and short-term technical levels. Jefferies’ higher target is tied to explicit assumptions around multiples, EBITDA growth, and a FY30E capacity figure. Bernstein’s Outperform call comes with a caution that the stock has moved quickly, even while describing structural constraints in equipment availability. Meanwhile, the presence of multiple fair value updates around the Rs 180- Rs 187 range adds a counterweight to more aggressive targets when set against a stock trading near recent highs.

Analysis: why the same stock can carry very different targets

Target prices differ because each brokerage is using different base years, multiples, and assumptions for growth, discount rates, and risk premia. Jefferies explicitly referenced FY28E EV/EBITDA and a multi-year CAGR assumption, which can lift valuation if investors believe execution and demand conditions hold. Bernstein’s rationale for thermal power focuses on market structure and supply constraints in equipment, which can support pricing power but does not automatically cap valuation risk after a sharp run-up. For investors, the practical use of these notes is less about any single number and more about tracking what assumptions are doing the heavy lifting.

Conclusion: what to watch next

Brokerage commentary has put Adani Power and Adani Ports back in focus, with Bernstein initiating coverage and Jefferies raising targets while retaining Buy ratings on select names. At the same time, fair value bands cited around Rs 180- Rs 187 and near-term technical levels around Rs 182 support and Rs 205 resistance indicate the market is debating upside versus valuation comfort. Investors will likely track execution on capacity expansion, demand-led volume growth, and any further broker revisions as new results and updated assumptions feed into targets.