New Delhi: Bank of America-Merrill Lynch raises its target price for Mahindra & Mahindra to Rs 880 from Rs 825 and maintains the stock with a "buy" rating.
BoA-ML says it expects a 5 per cent decline in tractor sales in fiscal 2012/13, but that will be "more than compensated" by growing auto sales in a note dated on Monday.
Given the reduced dependence on the tractor segment, the investment bank says Mahindra's shares should be trading closer to other four-wheel makers.
Mahindra shares last up 1.6 per cent at Rs 774.40.
Copyright @ Thomson Reuters 2012
BoA-ML says it expects a 5 per cent decline in tractor sales in fiscal 2012/13, but that will be "more than compensated" by growing auto sales in a note dated on Monday.
Given the reduced dependence on the tractor segment, the investment bank says Mahindra's shares should be trading closer to other four-wheel makers.
Mahindra shares last up 1.6 per cent at Rs 774.40.
Copyright @ Thomson Reuters 2012
