Global research and brokerage firm Macquarie has increased the target price on the shares of Hero MotoCorp, after the company registered its highest ever quarterly sales in the July-September quarter. Indian two-wheelers manufacturer Hero MotoCorp posted a near 11% per cent growth in its highest-ever quarterly sales of 20,22,805 units, against 18,23,498 units in the same period last year. However, the net profit remained flat as the two-wheeler major posted a 0.62 per cent rise in net profit to Rs 1,010.49 crore for the quarter against Rs 1,004.22 crore in the corresponding quarter last year. Macquarie has raised the target price on the shares to Rs 4,400 from the previous target of Rs 4,200. Hero MotoCorp shares were trading at Rs 3,773 on NSE this morning, down by more than 1% since its previous close. Macquarie\u2019s target price implies an upside of more than 16% from the current market prices. Notably the shares have risen by more than 25% in the year so far. In comparison, the Sensex is up by more than 26% in the same period. The research firm observed that the company\u2019s two-wheeler demand is improving. Pawan Munjal, Managing Director & Chief Executive Officer, Hero MotoCorp, said yesterday: \u201cThe July-September period of FY\u201918 has been a historic quarter for us. Within a span of just three months, we successfully created several new global benchmarks, further augmenting our market leadership. Having surpassed 75 million units in cumulative sales, we followed it up with multiple record performances in quick succession.\u201d Macquarie says that the rising sales volume and the market share trends are the key catalysts for the stock.\u00a0\u201cThe industry rebounded in the festive quarter largely aided by the positive sentiment in the urban and rural markets. With a series of new product launches and significant brand building initiatives in the global markets, we are confident of carrying forward the momentum in the second half of the year as well,\u201d Pawan Munjal said.