TVS Motor Company shares gained 2 percent in morning on Wednesday after global brokerage firm Deutsche Bank upgraded its rating on stock to hold, but slashed price target to Rs 455 from Rs 465 apiece.
The stock was quoting at Rs 464.30, up Rs 8.45, or 1.85 percent on the BSE, at 09:35 hours IST.
The reason behind 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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