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Investing.com - Goldman Sachs raised its price target on Hero MotoCorp Ltd. (HMCL:IN) to INR4,370 from INR4,150 while maintaining a Sell rating on the stock.
The adjustment follows Hero MotoCorp ’s second-quarter results, which were largely in line with Goldman Sachs estimates, with revenue and EBITDA coming in 1% and 2% below the firm’s expectations respectively, but 2% and 4% above Bloomberg consensus.
Hero MotoCorp management projected 8% to 10% volume growth in the second half of fiscal year 2026, potentially bringing full-year volume growth to 5% to 6%, following a 2% volume decline in the first half of the fiscal year.
The company reported festive season volume growth of 16% year-over-year, which trails competitors TVS Motor and Eicher, which saw growth of 32% and 50% respectively. Management also noted that rural festive volume growth is occurring with a slight lag.
Goldman Sachs raised its EBITDA estimates for fiscal years 2026 through 2028 by 0%, 5%, and 6% respectively, citing the "slight margin upside" Hero MotoCorp delivered in the second quarter.
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