Jefferies has reiterated its ‘Hold’ rating on Ashok Leyland, setting a target price of ₹235 per share, indicating a potential 6% upside from the current market price (CMP) of ₹221.93. The brokerage anticipates that a capital expenditure-led economic cycle will drive improved demand in the future. Jefferies appreciates the company’s strong focus on profitability but has reduced its FY25-27 earnings per share (EPS) estimates by 7-8%.
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