JPMorgan has upgraded KPIT Tech to “Overweight” from “Neutral,” with a target price of Rs 2000.
The stock has underperformed over the last 1 and 3 months compared to its peers.
This underperformance is due to negative news about electric vehicles (EVs) as global automakers delay their EV targets.
KPIT Tech’s performance is driven by companies like BMW, Honda, and Renault, which haven’t announced any reductions in their EV targets.
BMW and Honda still aim for 50% and 40% EV sales by 2030, respectively.
KPIT Tech remains JPMorgan’s top pick in Engineering, Research & Development (ER&D).
JPMorgan has increased revenue estimates by 1-2% and expects margins to improve by 1-2%, leading to a 1-4% increase in earnings per share (EPS).
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