Hero MotoCorp shares closed at ₹5,301, a 0.5% dip on Friday, yet JPMorgan’s note flags a 28.5% upside if the company holds its festive‑period market share.
The firm’s new target of ₹6,845 translates to a 29% premium over today’s level, up from the prior consensus of ₹5,800.
JPMorgan cites a 120‑basis‑point annual erosion in market share, but argues that a concerted push in ICE scooters, EVs, and exports could close the gap with peers.
Hero’s restructuring into India commuter, India premium, EVs, and exports aims to sharpen performance metrics, a move echoed by 29 of 43 analysts who hold buy ratings.
The brokerage sees the upcoming festive season and a projected 1‑million‑unit export target by FY30 as catalysts, while raw‑material inflation plateauing should lift margins.
With 29 buy, nine hold, and five sell ratings, the market sentiment remains cautiously bullish.