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JPMorgan initiates coverage on Exide, Amara Raja Batteries

Updated : May 04, 2022 10:45:03 IST

JPMorgan has initiated coverage on two stocks, ‘overweight’ on Exide with a target price of Rs 210 and ‘neutral’ on Amara Raja Batteries with a target price of Rs 570.

The firm believes, electric vehicle (EV) battery industry is at a cusp of take-off and there could be a huge opportunity but one should not write-off the legacy companies yet.

JPMorgan sees 30 times EV battery demand over the next four years, which would mean a big opportunity for the legacy companies like Exide and Amara Raja Batteries.

The street is very cautious on these companies and the firm believes the reaction on these stocks from the downside is overdone.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

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