Shares of Eicher Motors Ltd today rose as much as 2.4 per cent to its highest since June 3 as brokerage CLSA has initiated coverage with a “buy’’ rating and fixed a target price of Rs 21,800.
The brokerage says Royal Enfield motorcycles will be a key beneficiary of rising replacement demand and shift towards premium bikes. It expects Eicher to deliver 52 per cent EPS CAGR over the next three years.
The stock has 23 “buy’’, 2 “hold’’ and 2 “sell’’ ratings, according to Thomson Reuters.