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Jefferies upgrades Hero to a ‘buy’ and is bullish on TVS, Maruti, Eicher

auto | Oct 7, 2022 11:41 AM IST

Jefferies upgrades Hero to a ‘buy’ and is bullish on TVS, Maruti, Eicher

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Jeffries preferred buys are TVS Motor Company, Maruti Suzuki, Eicher and Tata Motors. They have an underperforming rating on Motherson and Bharat Forge and they have upgraded Hero Motocorp to a buy with a target price of Rs 3,000.

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The auto sector's recent show has made brokerage firm Jefferies come up with a big upgrade. Jefferies expects a strong 17-19 percent compounded volume growth across the board for passenger vehicles, two-wheelers and trucks from FY22 to FY25.
According to the brokerage firm, falling metal prices will also help lift margins, and they expect double-digit earnings growth for most original equipment manufacturers (OEMs) across the board.
Jeffries preferred buys are TVS Motor Company, Maruti Suzuki, Eicher and Tata Motors. They have an underperforming rating on Motherson and Bharat Forge, and they have upgraded Hero Motocorp to a 'buy' with a target price of Rs 3,000.
In fact, Hero will be launching its first electric scooter Hero Vida today.
Meanwhile, in a conversation with Moneycontrol.com, Hardeep Singh Brar, Vice President and Head of Sales and Marketing at Kia India, said: “We are already growing at 25-30 percent in 2022 so far and expect to retain this momentum in the remaining months of the year.”
On the easing supply-side constraints, Brar said: “With the increase in supply since the last two months, a lot of demand has been catered to.”
Watch the accompanying video of CNBC-TV18’s Sonia Shenoy for more details.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

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