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Investing.com - JPMorgan has reiterated its Neutral rating on Hero MotoCorp Ltd. (HMCL:IN) with a price target of R$5,640.00, according to a recent analyst note.
The investment bank noted that Hero MotoCorp management expressed optimism about future performance, expecting double-digit volume growth ahead. The company’s strategic price reductions earlier in the year have demonstrated price elasticity among customers, resulting in market share gains.
Hero MotoCorp has entered the festive season with 12 new products compared to the previous festive period. The company expects that GST-related price cuts should further strengthen consumer demand sentiment.
JPMorgan highlighted that Hero has repurposed its marketing expenditure, shifting toward greater brand spending rather than outright discounts. This strategic adjustment in promotional activities comes as the company positions itself for the important festive sales period.
The company is currently experiencing record inquiry trends in the initial festive period, which management believes should translate into market-share gains for Hero MotoCorp, according to JPMorgan’s analysis.
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