Bank of America upgraded its rating on Bajaj Auto to buy from neutral and hiked its target price to Rs 5550 from Rs 5100. The brokerage believes that all the business segments are now well-positioned for positive growth in FY23. The brokerages believe that exports are turning the corner, three-wheelers are on a high and there is a gradual recovery in two-wheelers as well.
BofA expects a revenue CAGR of 14-15% over FY23-26.
The brokerage sees premiumization led by the Pulsar model and now triumph launch in the domestic market, exports are recovering as the macro is improving inflation peaks in emerging markets, and electric business scale-up is finally in motion.
#bajajauto #stockmarket #etnow
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