Nomura has reiterated its ‘Buy’ rating on Ashok Leyland, adjusting the target price to ₹247 per share, indicating a potential 11% upside from the current market price (CMP) of ₹221.93. The brokerage notes that the company’s margins are holding well due to pricing discipline. Despite recent weakness in commercial vehicle (CV) demand, Nomura maintains a positive outlook on the cycle and expects positive growth from Q4 FY25.
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