UBS upgrades Tech Mahindra, raises target price to Rs 1,650

Reuters Posted online: Monday, Sep 30, 2013 at 0000 hrs
New Delhi : UBS upgrades Tech Mahindra Ltd to "buy" from "sell" and raises its target price to 1,650 rupees from 920 rupees, citing potential earnings upside, cheap valuations.

The investment bank says the recent rupee weakness will help offset some of the cost associated with trying to increase revenue.

UBS adds that its shares valuations at a 50 per cent discount to Tata Consultancy Services (TCS) offer potential upside on earnings surprises.

Tech Mahindra's shares are up 1.6 per cent at 10:32 a.m.