Shares of Ashok Leyland Ltd. gained on Wednesday, December 3, after brokerage firm BofA Securities raised its price target, projecting a 12.5% upside on the stock from its previous close.

The brokerage has a "buy" rating on the stock with a price target of ₹180 per share.

It said for the medium and heavy commercial vehicles' mid-single digit growth guide, the fundamentals — truck rental and fleet age — are favourable, while the high tonne segments are yet to recover.

Ashok Leyland's margin's focus is intact. The pricing, cost controls and non-truck revenue will drive 50 to 60 basis points delta in FY26, the BofA analyst said, adding that the mid-term target is of 15%.

The replacement cycle is taking longer on structural changes, and the company's growth is not broad-based yet, accord

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