Bank of America Merrill Lynch has raised stock target price of Eicher Motors to 1,965 rupees from 1,710 rupees on solid business fundamentals,which are driving earnings growth.
The Wall Street bank,which has a buy rating for Eicher on attractive valuation,said it sees good growth in the company’s commercial vehicle business. Eicher is also witnessing advance booking on its two-wheeler offerings. At 2.02 p.m.,the stock was at 1,597 rupees,up 2.65 percent.
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