Mahindra and Mahindra has a favourable base in 2HFY15 and multiple triggers in FY16, says HSBC.
HSBC upgrades Mahindra & Mahindra Ltd
to "overweight" from "neutral" and raises its target price to Rs 1,445 from Rs 1,340, saying it is the cheapest large-cap in the domestic autos universe.
"UV (utility vehicle) business is at a trough but with a favourable base in 2HFY15 and multiple triggers in FY16," the investment bank said in a report on Friday.
M&M shares are up 2 per cent at 0515 GMT.