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Mumbai : JPMorgan on Jul 30 cut its share price target for India's Hero Honda to Rs 1,845 by next March from Rs 1,915, 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 per cent fall in quarterly net profit, its first decline in 11 quarters, and analysts said margins would remain under pressure in the current quarter as well.
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