Hero MotoCorp shares jump after auto major’s strong Q4 results; investors ignore brokerages’ ‘sell’ calls
Hero MotoCorp share price: Hero MotoCorp (HEROMOTOCO) shares rose on Friday, even as major brokerages gave a ‘sell’ rating on the auto major’s stock.
On May 4, New Delhi-based Hero MotoCorp — whose popular models include Passion, Splendor and Xtreme — reported a standalone net profit of Rs 859 crore for the quarter ended March, marking year-on-year growth of 37 per cent.
The two- and three-wheeler maker’s revenue increased 12 per cent to Rs 8,307 crore, according to a regulatory filing.
Brokerages UBS and Goldman Sachs each have a ‘sell’ rating on Hero Moto after the company announced its Q4 results, whereas Morgan Stanley held an ‘underweight’ call.
Hero MotoCorp target price
|Goldman Sachs||Sell||Rs 2,170|
|Morgan Stanley||Underweight||Rs 2,229|
|Citi||Buy||Revised to Rs 3,650 from Rs 3,300|
Jefferies and Citi each kept a ‘buy’ rating on Hero MotoCorp
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.