CLSA has downgraded its rating on Bajaj Auto to ‘sell’ from ‘outperform’ and has cut target to Rs 2,450. Previously, the target stood at Rs 2,850 apiece and this reduction implies a downside of 14 percent.
Export and three-wheeler growth is likely to taper, it said, adding that there is pressure visible in domestic two-wheelers.
Further, a fall in commodity and rupee recovery makes it less positive on exports.
The stock fell over a percent in the past one month, but in the past three days, it has grown a percent.
At the close of market hours on Friday, Bajaj Auto was quoting at Rs 2,734.65.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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