Eicher Motors zooming on highway
Eicher Motors is doing pretty well. The stock is currently up almost 3% at Rs.17866 with an intra day high at Rs.17,872. On 25th May, the stock had hit a new high at Rs.19,525.
The stock is up as on reports that foreign brokerage CLSA has initiated a coverage on the stock with a “buy” rating.
CLSA has set a target price of Rs.21,800 as it expects its Royal Enfield motorcycles to be a key beneficiary of rising replacement demand and a shift towards premium bikes. The brokerage expects the company to deliver a 52% CAGR in EPS over the next three years.
The stock is a huge hit with almost all foreign brokerages and as per a report put out by Reuters, there are some 23 “BUY” calls, two “HOLD” calls and two “SELL” calls. No wonder the stock is showing so much action!