Tata Motors, Maruti, M&M, Hyundai shares: Fresh price targets amid auto sector underperformance
InCred Equities is disappointed with the sharp 14 per cent correction seen in the Nifty Auto Index in the past three months. The underperformance of Nifty Auto index against Nifty was sharper than InCred expectations, as nearly 88 per cent of its coverage auto stocks missed December quarter Ebitda estimates, with the only outliers being Ashok Leyland Ltd and Hero MotoCorp Ltd. Earnings upgrade is scarce, the broking firm said, as it retained ‘Neutral’ stance on the auto sector with select stock rating upgrades.
InCred Equities upgraded Bajaj Auto Ltd in the OEM space and Samvardhana Motherson International or SAMIL in the auto component segment to an ‘Add’ rating. It maintained its estimates for Maruti Suzuki India Ltd, Ashok Leyland…
