Hero MotoCorp shares rose about 2.5 percent on Thursday, crossing the Rs 6,000 mark for the first time since September 2024, after Macquarie and J.P. Morgan issued back-to-back upgrades on the stock.
On the National Stock Exchange (NSE), the stock hit a high of Rs 6,016, extending its gains for the fifth straight session. The counter has climbed more than 9 percent over this period.
The rally came after Macquarie upgraded the stock to “outperform”. The brokerage said domestic market share had stabilised and noted potential upside in both motorcycles and scooters. It cited improving traction in electric two-wheelers, steady margins and prospects of market share gains. Macquarie raised its price target to Rs 6,793 from Rs 6,094.
The call follows J.P. Morgan’s upgrade on Wednesday, when the brokerage lifted its rating to “overweight” from “neutral”. It pointed to stabilising market share, an improving earnings outlook, tax cuts and rising electric vehicle penetration. J.P. Morgan increased its target price to Rs 6,850 from Rs 5,640.
Hero MotoCorp shares rise 4% as Q2 margin expansion impresses brokerages
While analysts highlighted the company’s margin performance in the September quarter, some remained cautious about the sustainability of the improvement. Hero MotoCorp’s EBITDA margin rose 55 basis points year-on-year to 15 per cent in Q2 FY26.
Motilal Oswal said it expects the company to post a 6 per cent volume CAGR over FY26–28, supported by new model launches and an export ramp-up. The brokerage maintained a “buy” rating with a target price of Rs 6,500.
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