Brokers on Hero Motocorp

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CLSA on Hero Motocorp
Retain sell call, target cut to Rs 2,375 from Rs 2,400 per share
2-wheeler demand has weakened post the new insurance norms in September 
Cost push from regulatory changes over next 1-year will be a further drag

PhillipCap on Hero Motocorp
Maintain neutral, target raised to Rs 2,811 from Rs 2,700 per share
2-wheeler yet to recover from negative impact of insurance & safety regulations

Jefferies on Hero Motocorp
Hold Rating, target raised to Rs 2,530 from Rs 2,550 per share
Q4 result largely in-line with margin of 13.6%

Morgan Stanley on Hero Motocorp
Underweight call, target at Rs 2,459 per share
EBITDA growth may be weak due to competitive & regulatory pressures
Key to monitor will be market share in scooters & premium bikes

Credit Suisse on Hero Motocorp
Outperform call, target at Rs 2,920 per share
Subdued Q4; weakness likely to continue but valuations favourable

CITI on Hero Motocorp
Buy Call, target cut to Rs 3,250 from Rs 3,350 per share
Cut FY20 EPS estimates by 10% due to subdued vol growth expectations & lower margin
FY21 EPS estimates are increased by 4%, reflecting effective pricing strategy

Nomura on Hero Motocorp
Neutral call, target at Rs 2,725 per share
Q4 in-line; demand outlook remains weak 

Macquarie on Hero Motocorp
Outperform call, target at Rs 3,000 per share
PAT declined due to production cuts to correct elevated channel inventory