TVS Motor gains 2% after Deutsche Bank upgrades, but cuts price target

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Deutsche upgraded the stock because it feels the company has been approaching a sweet spot in various categories and may see a sustained increase in margin.

TVS Motor Company shares gained 2 percent in the morning on Wednesday after global brokerage firm Deutsche Bank upgraded its rating on the stock to hold, but slashed price target to Rs 455 from Rs 465 apiece.

The reason behind the cut in price target was that the brokerage made changes to FY19-21 EBITDA & EBIT forecasts by -1 to +3 percent and cut EPS estimates by 3-8 percent.
Deutsche upgraded the stock because it feels the company has been approaching a sweet spot in various categories and may see a sustained increase in margin.
Stronger market share is the key to margin expansion, it said.
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