Sharekhan recommended hold rating on Ashok Leyland with a target price of Rs 117 in its research report dated December 24, 2018.
Sharekhan's research report on Ashok Leyland
Revised axle load norms impacting MHCV volumes, industry mix deteriorating; ALL to be adversely impacted. MHCV volumes are expected to decline by 9% in H2FY2019. Revenue is expected to drop by 12% given the adverse mix. We have cut FY2019 and FY2020 estimates by 16% and 21%.
We downgrade our recommendation on the stock to Hold from Buy earlier with a revised price target of Rs. 117.
For all recommendations report, click here
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