BofA update shows where active managers are putting money
Investing.com - Jefferies has upgraded Hero MotoCorp Ltd. (HMCL:IN) from Underperform to Hold and significantly raised its price target to INR5,200.00 from INR3,800.00.
The upgrade reflects Jefferies’ view that Hero MotoCorp will be a "key beneficiary of potential GST cuts" in India, according to analyst Nitij Mangal’s research note.
Despite the positive rating change, Jefferies expressed some reservation in its outlook, noting it has limited its positive stance "due to concerns on falling market share."
The new price target of INR5,200.00 represents a substantial 37% increase from the previous target of INR3,800.00, reflecting higher projected earnings for the Indian motorcycle manufacturer.
Jefferies also raised its target price-to-earnings multiple for Hero MotoCorp from 13x to 17x, further contributing to the elevated price target.
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