Motilal Oswal has given Neutral recommendation for Bosch with a target price of Rs. 4500 in its research report issued on May 19, 2022
Motilal Oswal’s research report on Bosch
Revenue growth continued to outperform underlying industry volume trends, with revenue and EBITDA in line. We expect this outperformance to continue, led by a CV cycle revival, higher content, and increase in exports. However, a recovery in margin is still awaited. Since the CMP reflects all negatives, we see no major re-rating catalysts on the anvil. We maintain our FY23E/FY24E EPS estimate and our Neutral rating.
We maintain our Neutral rating with a TP of INR14,500 per share (~25x Mar’24E EPS).