Global brokerage firm UBS has again advised investors to sell shares of Bharat
Forge. The company’s stock has gone up by more than 12% in the last month, but
UBS believes that these gains may not last and the price could fall again.
Even though UBS still recommends selling, it has slightly increased its price
target for the stock to ₹1,230 per share. This new target is still 11.9% lower
than the current market price, which means UBS expects the stock to drop in the
coming days.
The brokerage’s view is based on the comments made by Bharat Forge’s management
after the company announced its second-quarter results. UBS believes that the
outlook shared by the company leadership suggests challenges ahead, which
could affect the stock’s performance.