May 17, 2018 / 6:21 AM / 2 months ago

BUZZ-India's TVS Motor extends fall; brokerages trim targets

** TVS Motor Co Ltd falls as much as 4.5 pct to 583.85 rupees

** Stock on track to lose for second straight session

** TVS, whose motorcycles include Apache Series RTR and Victor, posted March-qtr profit below expectations on Wednesday

** Nomura cuts TP to 568 rupees from 631 rupees, Macquarie trims TP to 540 rupees from 575 rupees, while Morgan Stanley (MS) cuts TP to 606 rupees from 678 rupees

** Macquarie maintains ‘underperform’ rating on stock, Nomura keeps ‘reduce’, while MS has ‘equal-weight’

** Nomura says TVS management did not mention if or when double-digit margins will be achieved, and this will be seen negatively by the street

** Cost inflation, competition hurt margin outlook - Nomura

** Macquarie says TVS has lost sequential market share in scooters as well as in motorcycles during Q4

** Stock has fallen nearly 21 pct this year up to Wednesday

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