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Investing.com - BofA Securities upgraded Hyundai Motor India (HYUNDAI:IN) from Neutral to Buy on Thursday, while raising its price target to INR2,800.00 from INR2,700.00.
The upgrade follows Hyundai Motor India’s first analyst meeting where the company outlined its strategic priorities and mid-term targets, focusing on profitable and balanced growth rather than market share gains.
BofA Securities highlighted three key aspects of Hyundai’s strategy: plans to launch seven new models including three India-dedicated EVs by fiscal 2030, a pipeline of eight hybrid models across various price points, and an export expansion target to reach 30% of overall volumes by fiscal 2030, up from under 20% in fiscal 2025.
The research firm noted these initiatives would likely be "accretive to realizations and value growth" for the automaker, with new models primarily focused on SUVs while also addressing market gaps in the MPV and off-road SUV segments.
Hyundai Motor India also announced the appointment of Tarun Garg as its first Indian CEO, which BofA Securities interpreted as a "strong statement towards India strategic focus and enabling localized/nimble decision making."
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