Ashok Leyland share price has trebled since April-2020, outperforming Nifty-50 by 130%: Jefferies retains Buy with revised price target of Rs 150
Ashok Leyland share price has trebled since April-2020 outperforming Nifty-50 by 130% as the confidence on truck recovery gathered pace. Jefferies believes the stock still holds potential for healthy returns given the truck industry is at the very early stage of an up-cycle. Ashok Leyland’s Q3 EBITDA rose 13% YoY, first growth in 2Y, but was 30% below Jefferies estimate.
Jefferies stay positive on Ashok Leyland but believe investors should moderate return expectations from here versus the 3x rally since Apr-2020: Reuters