Jefferies has upgraded Bharat Forge to Buy and raised its target price to ₹2,150, citing improving operational visibility.
The brokerage noted that Q3 EBITDA grew 18% year-on-year, coming in 4% above its estimate, led by stronger performance from subsidiaries.
Jefferies highlighted signs of the US truck cycle bottoming, improving truck demand in India, easing of India–US tariff concerns and continued traction in the defence segment as key positives for the company’s outlook.
The brokerage upgraded its FY27–28 EPS estimates by 4–18% and expects EPS growth to accelerate from a 12% CAGR over FY24–26E to 33% CAGR over FY26–28E.
Disclaimer: The views expressed above are those of Jefferies and do not represent the views of Business Upturn. This article is for informational purposes only and does not constitute investment advice.
