Sharekhan recommended hold rating on Hero MotoCorp with a target price of Rs 2900 in its research report dated October 23, 2019.
Sharekhan's research report on Hero MotoCorp
Hero MotoCorp’s (Hero) Q2FY2020 results were broadly in line with our estimates. Demand environment is expected to remain challenging in the medium term and we expect flat growth over the next four quarters. Higher inventory levels, steep 10-12% cost increases due to BS6 norms to dampen demand. We have broadly maintained earnings estimates for Hero.
We retain Hold rating on the stock with an unchanged PT of Rs. 2,900.
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