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MTECHTIPS:-UBS upgrades Mahindra & Mahindra to buy from neutral on strong outlook
UBS has upgraded Mahindra & Mahindra (M&M) 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 Rs. 1,050 from Rs. 780 as part of its ratings change. M&M shares were up 0.1 per cent in pre-open trade on Friday.India's biggest SUV manufacturer reported a 22 per cent in July-September profit on Thursday, beating analyst estimates.
UBS has upgraded Mahindra & Mahindra (M&M) 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 Rs. 1,050 from Rs. 780 as part of its ratings change. M&M shares were up 0.1 per cent in pre-open trade on Friday.India's biggest SUV manufacturer reported a 22 per cent in July-September profit on Thursday, beating analyst estimates.
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