Jefferies downgrades Hero MotoCorp to Underperform, sees 15% downside. Here are 3 reasons

Hero MotoCorp shares fell for a fifth straight session after Jefferies downgraded the stock to Underperform and cut its target price to Rs 4,950. Analysts flagged fading GST-led demand, persistent market share erosion and valuation-driven gains as key concerns, warning of limited earnings upgrades and downside risk in the near term.