Shares of Bosch surged nearly 5% on Friday, June 12, after UBS upgraded coverage on the stock from 'Sell' to 'Buy' citing recent joint ventures and acquisition of Chassis Systems. The brokerage hiked the target price to Rs 45,530, an upside of 21.2% from its last closing price of Rs 37,565.
Bosch share price advanced 4.65% intraday to Rs 39,450 apiece. The scrip was trading 3.83% higher by 12:09 pm, while the benchmark Nifty 50 index was 0.9% up.
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UBS, in its recent brokerage note, said that the company's repositioning of portfolio has boosted its investment case. Meanwhile, Bosch's recent joint ventures have provided an incremental upside to the stock, it said. The brokerage specifically highlighted the acquisition of Chassis Systems, a development that has further strengthened the upside potential. However, it flagged concerns over new initiatives, power train risks and ICE exposure. Notably, the stock was downgraded as 'Sell' in late 2021.
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