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Investing.com - Morgan Stanley has upgraded Hero MotoCorp Ltd. (HMCL:IN) from Underweight to Equalweight and significantly raised its price target to INR5,968.00 from INR3,765.00.
The upgrade comes as Morgan Stanley analyst Binay Singh notes that Hero will experience "the biggest drop in its weighted average GST rate among 2W OEMs," creating favorable industry tailwinds to support growth for the motorcycle manufacturer.
Despite the upgrade, Morgan Stanley expressed ongoing concerns about Hero’s domestic market share, which fell below 25% in August 2025, citing the company’s under-representation in growing segments like scooters and premium motorcycles.
The investment bank also highlighted the upcoming mandatory Anti-lock Braking System (ABS) regulation as a continuing overhang for Hero, with draft notifications mandating ABS rules from January 1, 2026.
Morgan Stanley believes these ABS norms "could significantly impact the mass market 2W OEMs, where Hero appears to be most exposed," though limited manufacturing capacity and tight deadlines may potentially delay implementation.
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