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ā¢ Emkay Global Financial has recommended a hold rating on Ashok Leyland with a target price of Rs 180.
ā¢ AL's Q2 revenues were below estimates, but margins were in-line.
ā¢ The domestic CV industry is expected to reach a peak in FY24E, and AL's relative outperformance is likely to continue. However, current valuations leave risk-reward balanced.