Since late March initiation Escorts has seen a 56% surge in stock price and we thought it would be worthwhile revisiting our thesis. We spoke with top dealers (who form over 4?5% of the company’s volumes) in its five key states to understand the on?the? ground scenario and were positively surprised: (1) they expect double?digit growth across regions if monsoon pans out normally, (2) total product revamp over the last two years with over 15 new launches/refreshes to help increase volume growth; new product launches to continue, (3) product quality has improved dramatically and is now best in class, (4) increased aggression; price corrections due to cost savings have helped Escorts to become more competitive, and (5) management and promoters have increased consistency and frequency of their interaction of with dealers. These changes have sent a strong message out to the dealer and farmer community. Phillip Capital have upped our estimates to incorporate improving volume outlook and better margins in the tractor division(+19%/22% for FY17/18)– and reiterate BUY with a revised TP of Rs 280 (Rs 210 earlier) valuing the company at 11x FY18 earnings (adjusted for treasury stock).Trendlyne has 7 reports on ESCORTS updated in the last year from 4 brokers with an average target of Rs 228.8.Brokers have a rating for ESCORTS with 2 price upgrades in past 6 months and 1 price downgrades in past 1 Year.