Motherson Sumi share price trips 2% on HSBC downgrade, target cut
HSBC believes the stock priced in some recovery but ignored near-term risks.
January 14, 2020 / 12:57 PM IST
Motherson Sumi Systems share price declined more than 2 percent intraday on January 14 after HSBC downgraded the stock to hold.
The research house also slashed cut price to Rs 120 from Rs 135, saying the stock priced in some recovery but ignored near-term risks.
"The stock outperformed the underlying performance improvement and broader market on European Union uptick," HBSC said.
The stock has rallied 44 percent in the last three months amid several government measures, optimism over US-China trade deal and hope of a Brexit agreement by January 31.
The stock was quoting at Rs 142.75, down Rs 3.05, or 2.09 percent, on the BSE at 1240 hours.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.