Shares of Bajaj Auto were off to a wobbly start on Thursday after surging close to 6% on Wednesday to hit a new 52-week high of ₹4,900.

The massive surge on Wednesday was backed by the company launching its Triumph series motorcycles. The two-wheeler major in partnership with British company Triumph launched the Speed 400 and Scrambler 400 X models to the Indian market.

So can these launches accelerate Bajaj Auto’s price beyond ₹5,000 and more? Here’s what analysts think.

Morgan Stanley

Global research firm Morgan Stanley initiated coverage on the stock with a ‘buy’ rating. The firm assigned a price target of ₹5,063, stating that the stock remains its preferred pick in the two-wheeler segment.

Jefferies

Jefferies maintained its ‘outperform’ rating on the stock raising the price target of ₹5,500 from ₹5,100. The revised target price indicates an around 13% upside from the current market price. The research firm said the launch of the new bikes at an attractive price was a positive. The firm expects the company’s volumes to grow at a 15% CAGR over FY23-25.

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CLSA

Global brokerage firm CLSA also maintained its ‘outperform’ rating on the stock but with a price target of ₹4,659. The firm said that while the launch looks promising it remains cautious seeing the increased competition in the premium segment. The brokerage also added that the company’s exports continue to be under pressure.

Goldman Sachs

Goldman Sachs maintained its ‘neutral’ rating on the stock with a price target of ₹4,500. The firm said that it will closely look at the company’s recovery in its key export markets such as Nigeria and Egypt. The analysts also added that new launches could be a catalyst.

Price Action: Bajaj Auto shares were down 0.26% to trade at ₹4,877.20 in the early hours of trading on Thursday.

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