GS hikes TP on India's Eicher Motors, expects easing energy prices to boost demand

Maruti Suzuki India

Mon 06:41

** Goldman Sachs ("buy") raises TP on India's Eicher Motors EICH.NS to 9200 rupees from 8400 rupees
** EICH last up 1.12% at 7696 rupees
** Brokerage says easing energy prices could drive the fastest rebound in demand in scooters, premium motorcycles, entry-level cars, premium hatchbacks 
** Flags Royal Enfield maker as being well placed to benefit from price stabilization after reopening of Strait of Hormuz eases fuel prices
** Adds, Eicher relatively less affected by slower onset of monsoon as its customer base is more urban and premium
**Says TVS Motor TVSM.NS, Maruti Suzuki MRTI.NS also in a good position to benefit from price stabilization
** Also cuts TP on tractor maker Mahindra and Mahindra MAHM.NS, with higher rural exposure, to 3650 rupees due to slower monsoons
** EICH up 5.4% YTD
     

 (Reporting by Abhirami G in Bengaluru)
 ((abhirami.g@thomsonreuters.com))