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Hold Hero Honda, target of Rs 1106: Reliance Money

Posted on: April 8th, 2009 and is filed under Brokerage Recommendations.

Reliance Money has recommended a hold rating on Hero Honda Motors with a target price of Rs 1106 in its April 8, 2009 research report. “We estimate Hero Honda Motors Ltd’s earnings to grow by 27% and 19% for FY09E and FY10E respectively.

HH has outperformed the overall two wheeler industry in FY09E and reported 11% growth compared to 4% growth for the overall two wheeler industry. At the current market price of Rs 1060, the HH stock trades at a PE multiple of 17x and 14x on our FY09E and FY10E earnings. We recommend a HOLD with a target price of Rs 1106,” says Reliance Money’s research report.

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