Eicher Motors stock downgraded to sell by CLSA

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Eicher Motors stock downgraded to sell by CLSA
Credit: © Reuters.

NEW DELHI - Eicher Motors (NS: EICH ), the Indian automaker, has faced a second downgrade in as many days, with its stock rating being lowered from "underperform" to "sell" by brokerage firm CLSA. The new target price is set at Rs 3,716. This follows a downgrade by Morgan Stanley (NYSE: MS ) to "underweight" on Monday, which highlighted growth and market share challenges for the company.

In early trading today, Eicher's shares reflected investor concerns, dropping nearly 2%. Market analysts have pointed to the competitive pressures from rivals such as Hero MotoCorp (NS: HROM ) and Bajaj Auto (NS: BAJA ), contributing to skepticism about Eicher's current valuation.

The company has seen its stock struggle over the past year, posting an 18% gain that lags behind the broader Nifty 's 21% increase. The consecutive downgrades by CLSA and Morgan Stanley underscore the market's cautious view on Eicher Motors amidst a challenging business environment.

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