Morgan Stanley has Equal-weight call on the stock with a target price at Rs 659 per share, implying 13.5 percent potential downside from Tuesday's closing levels.
Share price of Bharat Forge, the world's largest forging company, declined more than 2 percent intraday after global brokerage house Morgan Stanley said North American Free Trade Agreement (NAFTA) Class 8 Trucks sales may peak in 2018 with 26 percent growth.
The research house expects 30 percent growth in FY19 North America truck exports but sees scope for decline in NAFTA Class 8 truck sales by 5 percent in 2019 & 11 percent in 2020.
Morgan Stanley has Equal-weight call on the stock with a target price at Rs 659 per share, implying 13.5 percent potential downside from Tuesday's closing levels.
Total North America Class 8 truck sales in the month of February increased 76 percent to 40,200 units against 22,886 units in year-ago, which has been growing for last 4-5 months.
At 14:30 hours IST, the stock price was quoting at Rs 747.25, down Rs 14.45, or 1.90 percent on the BSE.
