Nomura, Macquarie initiate coverage on Hyundai Motor on listing day, signal up to 26% return

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Hyundai Motor India, which is set to debut on the bourses today, has earned 2 positive ratings from global brokerage firms Nomura and Macquarie as they have initiated coverage on the stock with the target price going as high as Rs 2,472.

The stock has earned a buy rating with a target price of Rs 2,472 from Nomura, predicting a 26% upside while Macquarie has an outperform rating on the stock with a target price of Rs 2,235, which indicates a 14% upside potential.


Here is a brief note from the global brokerage firms:


Nomura: Buy| Target price: Rs 2,472


Nomura has initiated coverage on Hyundai Motor with a buy rating and a target price of Rs 2,472

The company is riding on style and technology and its ongoing premiumization should drive high-quality growth. There is a long runway for the Indian car industry – current penetration at 36 cars/1,000 people. HMI is poised for healthy long-term growth due to its style and technology. Capacity expansion in H2 and the launch of several new models (including four EVs) over the next 3-4 years are the key catalysts.
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Macquarie: Outperform| Target price: Rs 2,235

Macquarie has initiated coverage on Hyundai Motor with an Outperform rating and a target price of Rs 2,235

The company is a pure play on PV premiumisation and growth. Macquarie believes that Hyundai deserves to trade at a premium PE multiple versus peers and its market share in core segments has stabilised/improved from recent lows. The global brokerage firm sees a favourable portfolio mix and premium positioning. Powertrain optionality, including parent capabilities and market share upside risk.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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