India's Ather Energy gains as BOB Capital initiates coverage with 'buy'
BUZZ-India's Ather Energy gains as BOB Capital initiates coverage with 'buy' ** BOB Capital Markets initiates coverage on Indian electric two-wheeler maker Ather Energy ATHR.NS with "buy" rating and target price of 1,680 rupees, implying 19% upside from previous close
** Brokerage expects co's expansion beyond its southern India stronghold, rising production capacity and lower battery costs to drive growth and improve profitability
** Says launch of lower-priced Konarc model could help co tap the mass-market segment, while production capacity is expected to rise to 1.42 million units by FY29 from 420,000 units currently
** Expects co's adjusted gross margin to improve to 23%-24% by FY29, supported by lower component costs, procurement efficiencies
** Shares of co rise 0.39% to 1,411.50 rupees
** ATHR rated "strongbuy" on average by 13 analysts, median PT at 1,850 rupees--LSEG compiled data
** YTD stock up 86.26%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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