ICICI Direct recommended hold rating on Hero MotoCorp with a target price of Rs 3330 in its research report dated February 14, 2017.
ICICI Direct's research report on Hero MotoCorp
Although long term structural drivers exist in the form of governments focus on doubling farm income, reducing replacement cycles & low finance penetration, in the near term, growth will be a challenge in the 2- W space. Therefore, we change our rating to HOLD. We value HMCL at 16x FY19E EPS to arrive at a target price of Rs 3330. We have a HOLD recommendation on the stock.
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