Morgan Stanley has reiterated its underweight stance on Eicher Motors, assigning a target price of ₹4,079 per share, significantly below the current market price of ₹5,463.50.
In its Q1FY26 update, the company reported 15% year-on-year growth in revenue, a 3% rise in EBITDA, and a 9% increase in net profit. While these numbers reflect steady operational growth, Morgan Stanley noted that the management remains focused more on driving volumes than expanding margins.
The brokerage believes the current stock price already reflects high growth and margin expectations, which may limit further upside. As a result, it continues to maintain a cautious view on the stock’s valuation trajectory.
Disclaimer: This article is based on Morgan Stanley’s stock research report. The views and target price mentioned are theirs. This does not constitute a recommendation to buy or sell any stock. Please consult a registered financial advisor before making any investment decisions.
