UBS ups Mahindra & Mahindra to 'buy'

Mahindra

UBS has upgraded Mahindra & Manhindra to 'buy' from 'neutral' citing a strong outlook for profit margins despite falling tractor sales, as well as increased demand for utility vehicles.

The investment bank also expects a recovery in tractor sales to boost earnings before interest, taxes, depreciation and amortization (EBITDA), a widely used gauge of operational profitability.

UBS raised its target price on the stock to 1,050 rupees from 780 rupees as part of its ratings change. Mahindra & Mahindra shares were up 0.1 percent in pre-open trade on Friday.

India's biggest SUV manufacturer reported a 22 percent in July-September profit on Thursday, beating analyst estimates.

Company INFO More on Mahindra & Mahindra

Stocks More on Mahindra & Mahindra

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.