Check out the large-cap stocks with recent analyst upgrades and potential upside

The Indian stock markets have corrected over the last one month as concerns over valuation and the fresh breakout of a new variant of coronavirus and its implications for businesses have worried investors.

It has led to most stock prices scaling down from their recent peaks. However, analysts who track fundamentals of the companies recently upgraded their price target or upped their rating on several stocks.

We tracked large caps that have been upgraded by brokerages over the last one month and the average price target is higher than the current share price.

In particular, we get a list of around 80 large firms whose share price is lower than the average price target set by research houses. Out of these, around three-fourth of the companies offer a potential double-digit growth as per the brokerages.

At the top of the list is Tata Steel, which is still trading at twice the level a year ago even after paring part of its gains. Its broker price target offers just over 50% upside potential.

Other large caps that potentially offer 20% or more returns from the current levels given analyst price targets based on earnings and growth potential include BPCL, Bharat Forge, Oil India, IndusInd Bank and Jindal Steel & Power.

Axis Bank, Bank of Baroda, Hindalco, SBI Cards, Hero MotoCorp, Muthoot Finance, Motherson Sumi, Bajaj Auto, Indraprastha Gas, DLF, Sun TV Network, Lupin, Ashok Leyland and IDFC First Bank also fall in this list.

Going further down the order to capture other large cap companies that could potentially offer 10-20% price upside from the current level, we get a group of around 40 stocks.

These include ONGC, JSW Steel, Tata Consumer, Crisil, ITC, HDFC, Info Edge, Dalmia Bharat, Bharti Airtel, M&M, Cholamandalam Investment, Varun Beverages, Max Healthcare, Marico, IOC, Tata Motors, P&G, HPCL, SBI Life Insurance, L&T, Ipca Labs and Britannia.

It also has stocks like United Spirits, Godrej Consumer, Max Financial, Eicher Motors, Coal India, Aditya Birla Fashion, Reliance Industries, Bosch, Container Corp, Biocon, Dabur, Sun Pharma, Emami, Abbott India, Kotak Mahindra Bank, Bharat Electronics, Shree Cements, Shriram Transport Finance and Maruti Suzuki.

We also filtered the large caps to identify firms that have seen maximum number of brokerages up their price target.

This pack has names like tractor maker Escorts, Tata Motors, Sun Pharmaceutical, IndusInd Bank, Hero MotoCorp, Bajaj Auto, Marico, Ashok Leyland, ITC, Bharti Airtel, Larsen & Toubro and Dabur.