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Jan 12, 2018 11:48 AM IST | Source: Moneycontrol.com

TVS Motor falls over 1% as Citi initiates sell call with a target of Rs 700

The firm believes that competitive intensity is likely to escalate in scooters and its weaker presence in motorcycles may impede growth.

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Shares of TVS Motor fell over a percent intraday on Friday as investors turned wary of Citi’s views on the stock.

The global financial services firm initiated a sell call and a target of Rs 700.

The firm believes that competitive intensity is likely to escalate in scooters and its weaker presence in motorcycles may impede growth.

Further, valuations are pricing in margin improvement and not headwinds, the brokerage added.

It also expects significant uptick in premium bikes market share to 15.5% by FY20 vs 11.7% in FY17. Meanwhile, premium bike segment could see pricing pressures, the brokerage added.

Citi expects domestic and export volumes to grow at a CAGR of 20 and 15.6 percent, respectively, while EPS could grow at 30 percent CAGR over FY17-20.

At 11:36 hrs TVS Motor Company was quoting at Rs 745.80, down Rs 9.85, or 1.30 percent, on the BSE. It touched an intraday high of Rs 766.00 and an intraday low of Rs 742.05.
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