The Indian benchmark indices are likely to open on a flat note on Wednesday, following a muted trend in Asian peers. Investors' worries eased after US President Donald Trump referred to the escalating trade war with China as “a little squabble,” and added, “We have a good dialogue going.” On Tuesday, Indian shares ended higher, snapping nine sessions of losses with Nifty closing above the 11,200-mark. The Sensex settled 228 points higher at 37,318, while Nifty added 74 points at 11,222.

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Among brokerages, Morgan Stanley was 'underweight' on Nestle India post Q4 numbers, while Jefferies maintained its 'buy' rating. For Union Bank, CLSA retained 'buy' call but cut the stock's target price, while, Citi rated 'sell' and raised the bank's target price. IDFC Securities reiterated 'underperform' rating on YES Bank. Here are top brokerage calls for today:

Morgan Stanley on Nestle

- 'Underweight' rating, target at Rs 8,400 per share

- Revenue, operating profit and adjusted PAT up 9 percent, 5 percent and 9 percent versus an estimate of 12 percent, 9 percent and 12 percent, respectively

- Margin contracted 80 bps, in-line with the estimate

- Higher commodity prices affected gross margin

- Higher other income drove adjusted profit growth of 9 percent YoY

Jefferies on Nestle

- 'Buy' rating, target at Rs 12,000 per share

- Continue to like its focus on volume-led growth

- Product launch and entry into new categories will help sustain growth

- Urban-heavy company better placed to navigate near-term headwinds

- Recent stock price correction makes risk-reward favourable

CLSA on Union Bank

- Retain 'buy' call but cut target to Rs 96 from Rs 105 per share

- Retain a buy rating for a reasonable valuation and better CASA franchise

- Larger-than-expected loss on high credit costs

- Disappointed with high slippages at 4.2 percent of past year loan

- Even adjusted for IL&FS, delinquency is high and broad-based

- Given lower capital adequacy, the bank will need capital support

- Raise earnings for FY20-21, but cut target price

Citi on Union Bank

- Retain 'sell' call; raise target to Rs 70 from Rs 65 per share

- While divergence in NPA was low, that in provisions was higher

- Lower FY20/21 estimates by 16 percent on higher provisions

IDFC Securities on YES Bank

- RBI appointing an additional director is a serious matter and negative for the bank

- Additional directors are usually appointed in weak banks to safeguard interests of depositors

- Believe the appointment of an additional director will impact YES Bank’s near-term capital raising plans

- Reiterate underperform with a target at Rs 135 per share

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