Buy Eicher Motors; target of Rs 3200: Motilal Oswal
Motilal Oswal is bullish on Eicher Motors recommended buy rating on the stock with a target price of Rs 3200 in its research report dated May 27, 2021.
June 10, 2021 / 11:33 AM IST
Motilal Oswal's research report on Eicher Motors
Eicher Motors (EIM)’s 4QFY21 performance was in-line, supported by good volume recovery in both RE and VECV. Despite cost inflation, EBITDA margins per unit were stable QoQ. Good response to Meteor, upcoming launches of the new Classic, and normalized production would support RE volume recovery going forward. VECV is also firmly on the recovery path.
We cut FY22E consol. EPS by 7%, accounting for the COVID impact on volumes and commodity inflation, while maintaining FY23E earnings estimates. Maintain Buy, with TP of INR3,200 (Mar’23 SOTP).
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