Add Hero Honda – IIFL

Table of Contents

IIFL has upgraded its rating on Hero Honda Motors to add with a 12 month target of Rs 920 in its September 18, 2008 research report. ” We expect a 19% CAGR in HH’s EPS from FY08-11ii and hence revise our target multiple from 12x to 13x. We value the stock at 13x FY10ii EPS and revise our target price to Rs 920 from Rs 795. We upgrade the stock to ADD. The key risk to our call is that any worsening in the competitive scenario could result in aggressive discounts, putting margins under pressure,” says IIFL’s research report.

To read the full report click on the attachment……

Attachments : tfp200809181.pdf


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