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Morgan Stanley has turned more positive on Hero MotoCorp Ltd., upgrading the stock to an 'overweight' rating as supportive valuations and signs of a market-share trough begin to emerge. The firm has upped its price target on the counter to Rs 6,471 apiece, marking a 17% upside.

The brokerage says Hero MotoCorp's market share declines have paused, with gains now visible in scooters, EVs and the premium bike segment. A better product mix and lower EV losses are expected to aid margins.

It notes that GST-led price cuts are helping revive the entry-level segment, while new launches such as the HF Deluxe Pro supported volume growth during the festive period, where HMCL reported 17% overall volume g

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