Shares of Hero MotoCorp continued their bull run on Tuesday as the stock reversed early trade losses to jump up close to 1% in the mid-market hours of trading.
Hero shares have been on an impressive rally after the stock was off to a dismal start to the year. Shares of the automobile major slumped to its 52-week low of ₹2,246 in March this year. Since then, the stock has jumped up over 30%. So with this impressive turnaround, here’s what global research firms think you should do with the stock.
Global brokerage firm CLSA downgraded the stock’s rating to ‘sell’ with a price target of ₹2,708. The firm noted that the company has aggressive plans in the premium segment but it faces tough competition in the segment. The firm also said that it believes that the company will face challenges in increasing it market share.
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Nomura also maintained its ‘neutral’ rating on the stock with a price target of ₹2,870. The research firm noted that the company is focusing on growing its core segments by expanding its portfolio. The firm also highlighted that the company plans to open exclusive stores and scale up exports.
On the other hand, Citi remains strongly bullish on the stock. The firm maintained its ‘buy’ rating with a price target of ₹3,650. The firm noted that the demand outlook is positive and the management is focusing on profitability.
Domestic brokerage firm ICICI Securities also attended the company analyst meeting. The brokerage has a ‘add’ rating on the stock with a target price of ₹3,133.
Price Action: Hero share price was up 0.52% to trade at ₹2,945.50 in the late hours of trading on Tuesday.
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