Shares of India’s second-largest car maker closed at Rs 412.2 apiece on the NSE, down 4.84%.
HSBC and Kotak Institutional Equities downgraded the stock to ‘hold’ and ‘add’ and cut the target price by 10-11% over 12 months. JPMorgan, which had downgraded the stock a month ago, maintained its recommendation but cut target price by another 10% to ₹410 per share. It holds the most bearish view among the analysts that reviewed their ratings after the second quarter earnings, showed Bloomberg data.
Of the 34 analysts, 25 have a positive view on the stock, while six remain neutral and three of them bearish. On aggregate, expect the stock price to hit Rs 501.17 over the course of 12 months, which translates to 21.6% upside from the current levels, as per a Bloomberg poll of analysts.
