Generally Motilal Oswal is recognised for its superior fundamental research reports.It fact the Relationship manager gets a small booklet of 200 pages where the companies financials are valued .Sharekhan is also recognised for its decent calls but since many companies are covered the accuracy is okay not as good as Motilal.
Few points have to be remembered.
1. The research coverage of different companies is different say Motilal covers 166 companies.So to 'discover' companies for your own analysis, you can benefit from different brokerage's reports. Some like Angel,IIFL,Emkay have better coverage of small and midcap stocks which is hard to find in ICICCI and HDFC.
2. Some brokerage are more focussed on long term calls,others on intraday ,and others a mix of both. So targets given depend on the orientation of the broker in other words the time duration,sometimes it can be a few months to 1 and a half year.
eg. Motilal,Sharekhan,ICICI,HDFC ,Edel ,PINC on long term, IIFL,Angel,Emkay on a mix .
Learning to do your own research is one thing but some companies research calls are plain sub standard. eg Kotak,Indiabulls.
Equity researchers come at a price has so it is a talent issue.