Barclays upgrades Larsen & Toubro to 'overweight'

Aug 26 2013, 10:16 IST
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SummaryBarclays also cites valuations, noting L&T's earnings are at 10-year lows.

Barclays upgrades Larsen & Toubro Ltd to 'overweight' from 'equal weight', saying the engineering firm's earnings cycle is heading closer to a trough and should rebound from the second half of fiscal 2014.

Barclays also cites valuations, noting L&T's earnings are at 10-year lows.

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However, Barclays cuts its target price on L&T to 900 rupees from 1,000 to reflect impact of rupee depreciation on margins in the near term.

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