Equirus downgraded Protean eGovernanceto sell from add, and cut its target price massively to Rs 900 from Rs 1,730 after the company disclosed that it is no longer in contention for the govt’s PAN 2.0 project. Analysts said the govt had plans to overhaul PAN/TAN services under PAN 2.0 with a Rs 1,440 crore budget.Despite earlier confidence, Protean is now completely out of the running. They feel this is a material negative, as PAN services contribute ~50% of the company’s revenue. They also said that the impact of the govt decision could be muted in FY26, and expect a 75-100% collapse in this revenue stream over the next 2-3 years. This segment has historically generated free cash that funded new initiatives, which is now under threat. Additional headwinds include an impending NPS pricing revision in FY27 and stagnant ONDC retail volumes.Jefferies has a hold on Divis Laboratories with the target price at Rs 6,200. Analysts said Jan-March quarterly numbers were in line with estimates. The company currently has several projects at different stages of development belonging to GLP1/2, GIP and small molecule, but does not target the generic Semaglutide opportunity. The hold rating is also because of the near-term patent challenges and high valuation.Kotak Institutional Equities has a sell on BHEL with the target price at Rs 115. Analysts said the company missed its EBITDA estimates by 8%. And this was after adjusting for prior provisions that were reversed and supported by very strong industrial print that may not sustain. They feel the key disappointment was weak execution in the key power segment.CLSA has an outperform rating on Hyundai Motors India with the target price at Rs 2,155. Analysts said EBITDA margin came in at 14.1%, 200 basis points higher than the estimate led by higher-than-expected average selling price. This increase was driven by price hikes, a moderation in discounts, a rich product mix and government subsidies.Morgan Stanlet has downgraded HAL to equal weight with the target price at Rs 5,092. Analysts said margin and new order outlooks strong, but the market may be concerned about muted execution guidance. They feel risk-reward in the stock balanced, and hence it was downgraded to equal weight.Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.