Mahindra's auto sales to offset tractor slide: BoA
Agencies: Aug 27 2012, 12:51 IST
Bank of America-Merrill Lynch raised its target price for Mahindra & Mahindra to 880 rupees from 825 rupees and maintained the stock with a buy rating.
BoA-ML said it expected 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.
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