Emkay Global Financial Services has upgraded Hero Motocorp to `Accumulate` with a price target of Rs 2,245 in its report dated Mar. 19, 2012. The broking house gave the following rationale:
We expect Haridwar to contribute 31% in FY13. This can potentially add 40 bps to EBITDA margins and 3.4% to its EPS to Rs 144.8.
We upgrade our rating on Hero Motocorp to Accumulate from Hold earlier. We maintain our target PE multiple at 15.5x FY13 estimates. Thus our target price is revised upwards to Rs 2,245 from Rs 2,170 earlier. This implies an upside of 15% from current levels of Rs 1,955.
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