Hero MotoCorp shares jump after auto major's strong Q4 results; investors ignore brokerages' 'sell' calls

Hero MotoCorp shares rose on Friday, a day after the two- and three-wheeler maker reported a strong set of Q4 results. The HEROMOTOCO stock was in high demand even ter major brokerages maintained a 'sell' rating on the company.   

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

Brokerage Rating   Target price
UBS  Sell  Rs 2,400 
Goldman Sachs  Sell  Rs 2,170 
Morgan Stanley  Underweight  Rs 2,229 
Jefferies   Buy  Rs 3,000 
Citi   Buy  Revised to Rs 3,650 from Rs 3,300
Macquarie  Neutral  Rs 2,640 

Jefferies and Citi each kept a 'buy' rating on Hero MotoCorp

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Written By: ZeeBiz WebTeam
Updated: Fri, May 05, 2023
09:50 AM IST
New Delhi, ZeeBiz WebDesk
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