Sharekhan recommended Hold rating on Hero MotoCorp with a target price of Rs 3675 in its research report dated December 21, 2018.
Sharekhan's research report on Hero MotoCorp
We have marginally raised our earnings estimates, given the improved demand outlook led by easing of liquidity crunch, robust rural demand and steep correction in fuel prices. We expect HMCL margins to decline 110 and expect earnings to drop 5% in H2FY2019. However, earnings are likely to resume double digit trend in FY2020, driven by recovery in volumes, easing of cost pressures and steady tax rate.
We retain Hold rating on the stock with a revised PT of Rs 3,675 (earlier PT of 3,250).
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