Research house Motilal Oswal has given a buy call for automotive major Hero MotorCorp with a target price of Rs 2340. Hero MotorCorp has been showing stellar performance over past several quarters.

The company reported 7.4 per cent year-on-year growth in sales volume at 1.64 million units. Despite the price increase, the company managed to register good growth in volumes and has maintained market dominance.

The company reported Q1 net profit increase of 10 per cent at Rs 615 crore. Technical expert Dilip Bhat has given a buy call for Hero MotorCorp at lower levels. Market expert SP Tulsian has also given positive outlook for the stock with target of Rs 2200.

Hero MotorCorp has outperformed market by 24 per cent over the past one year and 10 per cent during the past six month period. The stock touched 52-week high of Rs 2278 on 2, May, 2012. At current level of Rs 2082, the stock is trading with a P/E multiple of 17.09.