Buy Hero MotoCorp; target of Rs 3629: Sharekhan

Sharekhan is bullish on Hero MotoCorp has recommended buy rating on the stock with a target price of Rs 3629 in its research report dated September 18, 2023.

By Dilip Suthar

Buy

Hero Motocorp

NSELIVE

20 Sep, 2023 15:57

3,061.85

-52.80 (-1.70%)

Volume 575906

Todays L/H 3,048.253,132.85

Sharekhan's research report on Hero MotoCorp

Healthy uptick in retail sales during Onam and Ganesh festivals builds up sales momentum for a 42-day festive period in Q3FY2024. Post receiving over 25,000 bookings for Harley Davidson X 440, the company is focussing on volume ramp up.

Special Offer: Invest without brokerage fees in Equity Delivery and Direct Mutual Funds. Pay a flat Rs 20 per trade for Intra-day and F&O. Open an instant account with Zerodha and start trading today.

Outlook

We maintain our Buy rating on the stock with a revised TP of Rs. 3,629 on healthy recovery in EBITDA margin, strong response to HD X 440, continuous focus on premiumisation, expansion of its EV markets, and attractive valuation. The stock trades at a P/E multiple of 15.3x and EV/EBITDA multiple of 9.0x its FY2025 estimates.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. DS Trading Tech advises users to check with certified experts before taking any investment decisions.

Follow DS Trading Tech for the Share Market Update, Stocks News, upcoming IPO, Business Ideas, Financial Knowledge, Mutual Fund, Other Advertising, news and their reviews, also keep following us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.