Morgan Stanley has reiterated its ‘Overweight’ rating on Ashok Leyland, adjusting the target price to ₹268 per share, indicating a potential 21% upside from the current market price (CMP) of ₹221.93. The brokerage anticipates that volume trends will gradually improve, aided by a favorable base effect. The ‘Overweight’ stance is driven by expectations of a steady volume recovery and supportive valuations.
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