India's Samvardhana Motherson extends gains after CLSA lifts target price

Brokerage CLSA raises target price on auto parts maker Samvardhana Motherson SAMD.NS to 124 rupees from 113 rupees; lifts target multiple to 24x from 23x

Stock rises 2.4% to 107.2 rupees

New TP implies an 18% upside on last close; CLSA rates SAMD "outperform"

CLSA says the company has been able to execute a more-than 2x jump in profit in 5 years; looks to set steeper targets for the next five years, citing a meeting with the company's management

SAMD is aiming for 5x revenue in next 5-yrs; maintains long-term return on capital employed target at 40% - CLSA

SAMD set for seventh straight session of gains; it rose 10.7% last week

Stock rated "Buy" on avg, median PT at 114 rupees - data compiled by LSEG

YTD, stock up 3%