JPMorgan cuts target price on India's Hero Honda

Newswire

MUMBAI, July 30 (Reuters) - JPMorgan on Friday cut its share price target for India's Hero Honda to 1,845 rupees by next March from 1,915 rupees, following disappointing quarterly results. "We re-iterate our UW (underweight) stance on the company given rising competitive intensity and moderating margins," the brokerage said in a note. Top motorcycle maker Hero Honda posted a 1.6 percent fall in quarterly net profit, its first decline in 11 quarters, and analysts said margins would remain ...

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