In the morning trade, shares of Eicher Motors surged by 1.5% to reach a day’s high of Rs 3,870 apiece, fueled by the company’s inclusion in Jefferies’ ‘buy’ list. Over the past month, the stock has experienced a notable 15% ascent, outpacing Nifty Auto, which recorded a commendable 9% increase during the same period.
Jefferies, the global brokerage powerhouse, has reaffirmed its buy rating for Eicher Motors, attaching a target of Rs 4,650, indicating a potential surge of over 20%.
The recent Royal Enfield annual biking festival in Goa, coupled with key insights gained from management interactions during the event, has bolstered confidence in Royal Enfield’s brand appeal and community engagement. Jefferies remains sanguine about the brand’s resilience amid recent competitive product launches.
In alignment with Jefferies’ optimistic outlook, Geojit Financial Services has also upheld a ‘buy’ stance on Eicher Motors, setting a target price of Rs 4,333.
As of 1:39 pm, Eicher Motors shares continued their upward trajectory, trading 2.14% higher at ₹3,893.70.
