Brokerage firm Macquarie has an underperform rating on Zomato while Citi has upgraded Ramco Cement to buy. Meanwhile, Macquarie has initiated coverage on Swiggy and NTPC with an underperform and an outperform rating respectively.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:Macquarie on Zomato: Underperform| Target price: Rs 130Macquarie maintained an underperform rating on Zomato and hiked the target price to Rs 130 from Rs 100.Stating that “hyper growth meets hyper competition”, Macquarie revisited the fundamental building blocks of their growth and unit economics for Blinkit. The global brokerage firm has cut its earnings estimates and noted downside risks to consensus. The target price has been raised to Rs 130 on a lower discount rate assumption.Macquarie on Swiggy: Underperform| Target price: Rs 325Macquaries initiated coverage on swiggy with an Underperform rating and a target price of Rs 325.Macquarie said that it is a long runway for Swiggy, but a bumpy winding path to profit can be seen. Swiggy, India's number-two consumer app, has a clear path to catch up with the leader Zomato. Quick Commerce is more complex, with no sustainable economic profits. The global brokerage firm expects the group’s EBIT breakeven in FY28E even with 23% core revenue CAGR. Swiggy's contribution margin is almost at par with the leader Zomato. On the adjusted EBITDA margin level, the gap is wider due to a smaller GOV base to absorb higher central branding and employee costs. Macquarie stated that it sees Swiggy bridging this profitability gap with 30% higher transacting users.Macquarie on NTPC: Outperform| Target price: Rs 475Macquarie has initiated coverage on NTPC with an Outperform rating and a target price of Rs 475.NTPC is a play on energy security and transition. The company benefits from both energy-security and energy-transition themes as it offers an attractive mix of regulated capex + renewables exposure. The predominantly brownfield nature of upcoming thermal capacity addition reduces execution slippage risks. Nuclear could be a longer-term driver and the stock has had a great run over the past three years but Macquarie remains impressed by solid visibility.Citi on Ramco Cement: Buy| Target price: Rs 1,050Citi has upgraded the stock to buy from an earlier sell rating but hiked the target price to Rs 1,050 from Rs 750.Q2 was ahead of the estimates, and EBITDA/t held up on better costs. Ramco appears to be balancing the market mix and costs well enough. The company’s growth plans further support its strategy. EV/t at $115/t provides valuation support to the company.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)