Hero MotoCorp shares jump after auto majors 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 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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