Geojit recommended has given Is bullish on Eicher Motors has recommended buy recommendation for Eicher Motors with a target price of Rs. 3122 in its research report issued on Feb 17, 2022

Geojit’s research report on Eicher Motors

Eicher Motors Limited (EML) manufactures motorcycles and accessories. The company owns the iconic Royal Enfield brand and has a joint venture with AB Volvo – Volvo Eicher Commercial Vehicles (VECV). • Q3FY22 consolidated revenue grew 27.6% QoQ (+0.6% YoY) on strong international performance and success of the all-new Classic 350. EBITDA rose 23.9% QoQ (-13.3% YoY), although EBITDA margin contracted 60bps to 20.6% (-330bps YoY), owing to global semiconductor shortages and higher operating expenses. Pick-up in economic activities, supreme performance of Royal Enfield in international market, wide distribution network, new product launches, improvement in availability of semiconductors and strategic cost management actions will drive company’s performance in future. We hereby upgrade our rating on the stock to BUY with a rolled forward target price of Rs. 3,122 based on SOTP valuation.

Outlook

With positive outlook, we upgrade our rating on the stock to BUY with a rolled forward TP of Rs. 3,122 based on SOTP valuation.

More Info on Trent

At 15:34 hrs Eicher Motors was quoting at Rs 2,718.65, up Rs 11.75, or 0.43 percent.

It has touched an intraday high of Rs 2,760.35 and an intraday low of Rs 2,700.00.

It was trading with volumes of 33,254 shares, compared to its thirty day average of 31,941 shares, an increase of 4.11 percent.

In the previous trading session, the share closed down 0.58 percent or Rs 15.90 at Rs 2,706.90.

The share touched its 52-week high Rs 2,995.35 and 52-week low Rs 2,303.75 on 27 September, 2021 and 22 April, 2021, respectively.

Currently, it is trading 9.24 percent below its 52-week high and 18.01 percent above its 52-week low.

Market capitalisation stands at Rs 74,336.63 crore.

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