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Buy Bajaj Auto, target of Rs 670: IIFL
Posted on: March 23rd, 2009 and is filed under Brokerage Recommendations.
IIFL has recommended a buy rating on Bajaj Auto with a target price of Rs 670 in its March 23, 2009 research report.
“After two years of declining volumes, Bajaj Auto is poised for profitable growth, on the back of a series of model launches in the high-margin 125cc+ segment. We believe strong margin expansion aided by volume growth in this class of bikes will drive a re-rating in the stock. The stock is trading at a PE of 9x on FY10ii—a 30% discount to Hero Honda, which is trading at 12.8x. We value the stock at 11x FY10ii and rate it a BUY with a target price of Rs 670,” says IIFL’s research report.
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