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Journalism of Courage
UBS has upgraded Munjal family-led Hero MotoCorp to buy from neutral citing positive medium term growth outlook,expectations of strong margins and low valuations.
The bank says that annual royalty payout to Honda is 30 rupees per share which will run off post Q1 FY15 and adjusting for the same the stock is trading at only 10.4x FY13 (price-to-earnings).
The investment bank has reduced the target price for the stock to 2,250 rupees from 2,320 rupees,based on it valuation methodology.
At 9:37 am shares of Hero MotoCorp were up 1.45 per cent at 1753 rupees.
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