HDFC Securities is bullish on Hero Motocorp has recommended buy rating on the stock with a target price of Rs 3100 in its research report dated August 15, 2020.
HDFC Securities' research report on Hero Motocorp
While 1QFY21 PAT was weak at Rs 613mn (-90% YoY), the management highlighted that demand is back to pre-COVID level in 2QFY21. Hero has gained market share in the quarter, led by rising demand in rural/semi-urban markets and ramp-up in production. The OEM's foray into the premium segment has got off to an encouraging start, and it is targeting double-digit market share in it.
Outlook
We reiterate BUY (please see our recent note: 'Xtreme' measures, looking beyond COVID).
For all recommendations report, click here
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