Citi has reiterated its ‘Buy’ rating on Ashok Leyland, setting a target price of ₹260 per share, indicating a potential 17% upside from the current market price (CMP) of ₹221.93. The brokerage notes that better-than-expected gross margins have offset lower operating leverage. Citi maintains a positive outlook, highlighting that new product launches are expected to aid market share, particularly in the bus and light commercial vehicle (LCV) segments.
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