Buy Bajaj Auto, target of Rs 640: Sharekhan
Sharekhan has maintained its buy rating on Bajaj Auto with a price target of Rs 640 in its March 24, 2009 research report. “We believe that due to the tough environment it will not be very easy for BAL to regain its market share despite the new launches.
However, with stronger exports, we expect the company to record a sales growth of 9% in FY2010. Though in future the sales performance will be much dependent on the success of its new launches, the company should be able to clock a moderate sales growth from the next quarter onwards. The short-term outlook continues to be weak, with the present BAL brands not performing as well as expected and the company losing out market share to Hero Honda and the other players.”
“Overall, the BAL stock may underperform in the short term on account of the uncertainties and concerns discussed in this note. We believe that the valuation gap with Hero Honda is likely to narrow down as things improve from Q1FY2010 onwards. We maintain our Buy recommendation on BAL with a price target of Rs 640,” says Sharekhan’s research report.
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