Emkay Global Financial Services has maintained its buy rating on Hero Honda Motors with a revised target price of Rs 1028 in its August 22, 2008 research report. "We believe that HH is an earnings growth story. Our optimistic scenario analysis indicates an earnings upgrade of around 11% in FY10, on account of higher volume growth and higher production at tax free plant (1.2 m units against our estimates of 0.9 m units). Considering the higher profitability of tax free plant, we have upgraded our earnings estimates by 2% and 5% for FY09 and FY10 to Rs 60.5 per share and Rs 70.9 per share respectively. Accordingly, we have revised our target price by 5% to Rs 1028. We maintain our BUY rating on the stock," says Emkay Global Financial Services' research report.

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