JP Morgan Securities lowers its rating on Bajaj Auto Ltd to "underweight" from "neutral" and cut its target price to 1,800 rupees from 2,060.
JP Morgan cites a weakening outlook for two-wheeler growth due to rising fuel prices and high inflation. Also Read: Investors seem disinterested; Nifty to slip further: Baliga
The investment bank also notes competition is set to intensify as rivals Hero MotoCorp Ltd and Honda Motor Co Ltd <7267.T> raise capacity.
As of 12:35 p.m., Bajaj Auto shares are down 1.4 percent at 1,960.75 rupees.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
