Buy Bajaj Auto; target of Rs 4250: Motilal Oswal

Motilal Oswal is bullish on Bajaj Auto recommended buy rating on the stock with a target price of Rs 4250 in its research report dated dated July 22, 2021.

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Motilal Oswal’s research report on Bajaj Auto

BJAUT’s 1QFY22 performance was impacted by high RM and employee cost. While core business recovery is ahead of the market, its ramp-up in EVs would be a key monitorable as the inflection point for EVs comes closer. Higher dividend yield will provide a floor to valuations.

Outlook

We marginally lower our FY22E/FY23E EPS by 3% each to account for cost inflation and higher employee cost. We maintain our Neutral rating with a TP of INR4,250/share.

For all recommendations report, click here

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