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JPMorgan upgrades Hero MotoCorp to 'overweight'

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JPMorgan has an interesting note on autos. According to them, after a yearlong downtrend, some of the auto stocks look quite good. They have upgraded Hero MotoCorp from a ‘neutral’ to ‘overweight’ with a target price of Rs 2,900 on the stock.

JPMorgan has an interesting note on autos. According to them, after a yearlong downtrend, some of the auto stocks look quite good.
They have upgraded Hero MotoCorp from a ‘neutral’ to ‘overweight’ with a target price of Rs 2,900 on the stock.
M&M is their top pick at the moment, they expect 5-15 percent compounded growth rate in the auto sales. Here they have a target price of Rs 1,150 that is a 37 percent upside to where the current market price is.
The only stock they remain cautious on is Maruti.
Watch the accompanying video of CNBC-TV18’s Sonia Shenoy for more details.
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