Morgan Stanley and JPMorgan have both given Reliance Industries an 'Overweight' rating, with target prices of ₹1,662 and ₹1,468 per share, respectively.

Morgan Stanley highlights a recovery in refining margins and an increase in permanent refinery capacity shutdowns. They believe that the stock has already accounted for challenges in key verticals, but expect an increase in free cash flow as global refining capacity decreases in 2025.

JPMorgan attributes recent underperformance to weak refining margins, but acknowledges a reversal in this trend. They also mention that retail topline growth is uncertain, but expectations have been adjusted downward. The implied valuations for the retail segment are now below historical levels and those of peer retailers, following a stock correction. The initiation of solar panel plants is seen as a potential catalyst for the company in the near term.