Analysts raised price targets on Bajaj Auto Ltd. after the third quarter, citing better outlook for exports, increased traction for premium motorcycles and attractive valuations.
The two-wheeler maker, according to research reports of brokerages, including Investec, HSBC, can offset the commodity headwinds through modest price hikes. Also, improving product mix and recovery in three-wheelers are other positive triggers.
Bajaj Auto, in its post-earnings release, said its overall share in the domestic market has risen from 17.5% to 18.6%, and it sold record Pulsar motorcycles in the domestic and international markets. The companyâ????s exports at 6.87 lakh units during the quarter were also the highest-ever.
The two-wheeler aims to restart bookings of electric scooter Chetak over the next two-three months. Bookings were stalled in March and had not resumed since, owing to supply-side constraints.
Bajaj Auto reported the highest-ever quarterly profit, revenue, Ebitda and turnover during the three months ended December. Its overall sales increased 8% over the year-earlier during the reported period.
Shares of Bajaj Auto gained as much as 8.4% to an all-time high of Rs 4,012.9 apiece. The stock is up for the fourth straight day.
Of the 51 analysts tracking Bajaj Auto, 34 have a â????buyâ???? rating, 12 suggest a â????holdâ???? and five recommend a â????sellâ????. The stock crossed its Bloomberg consensus 12-month price target of Rs 3,779 apiece on Friday.
– Bajaj Auto Stock Hits A Record High As Analysts Laud Q3 Results
– Bajaj Auto's PAT rises 23% to Rs 1556 crore
– Bajaj Auto Share price: HSBC retains Buy rating and lifts target price to Rs 4000 from Rs 3500
– Bajaj Auto share hits all-time high on record rise in Q3 profit
– Bajaj Auto surges over 8% on strong earnings
– Uptick in margin is due to higher share in exports & premium products: Bajaj Auto
– Bajaj Auto – Stellar Margin Performance In Q3, Valuation Caps Upside: Dolat Capital
– Bajaj Auto records its highest quarterly net profit in history
– Bajaj Auto Q3 Review – Cost Control, Favourable Mix Drive Profitability: Prabhudas Lilladher
– Bajaj Auto records profit led by exports