 "UBS upgrades Hero MotoCorp on positive growth, strong margins")
UBS has upgraded Hero MotoCorp to buy from neutral citing positive medium term growth outlook, expectations of strong margins and low valuations.
[caption id=“attachment_177447” align=“alignleft” width=“380” caption=“Shares of the company are trading one percent higher following the upgrade.”]  [/caption]
The bank says that annual royalty payout to Honda is Rs 30 per share which will run off post Q1 FY15 and “adjusting for the same the stock is trading at only 10.4x FY13 (price-to-earnings).”
The investment bank has reduced the target price for the stock to Rs 2,250 from Rs 2,320, based on it valuation methodology.
At 11 11:14 am, shares of Hero MotoCorp were up 1 percent at 174.8 on BSE.
Reuters
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