Credit Suisse upgrades Mahindra & Mahindra to 'outperform'

Written by Reuters | Updated: Apr 23 2014, 20:25pm hrs
MM&M is up 0.8 percent while Tata Motors is down 0.1 percent at 0635 GMT. Reuters
Credit Suisse upgrades Mahindra & Mahindra Ltd to "outperform" from "neutral," saying its four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery, while the auto-maker has "undemanding valuations."

The investment bank still has Maruti Suzuki India as its preferred pick saying it had done "an excellent job of maintaining its marketshare and stands out on all parameters needed to succeed in India."

However, Credit Suisse downgrades Tata Motors to "neutral" from "outperform" saying unit Jaguar Land Rover could see muted volume growth in the near term, in part as Evoque sales slow down. The investment bank says it remains concerned about the two-wheeler market given the deterioration of pricing power.

M&M is up 0.8 percent while Tata Motors is down 0.1 percent at 0635 GMT.