Moneycontrol
Last Updated : Sep 04, 2018 01:56 PM IST | Source: Moneycontrol.com

M&M down 1% even brokerages maintain buy with target upto Rs 1,200/share

Research house UBS has maintained buy call on M&M and raise target to Rs 1200 from Rs 1000 with potential upside of 27 percent.

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Shares of Mahindra and Mahindra (M&M) slipped 1 percent intraday Tuesday despite brokerages maintained buy rating on the stock with a target of up to Rs 1200 per share.

The company reported 14 percent rise (year-on-year) in its auto sales for August at 48,324 units against 42,207 during the same month of last year.

Its total exports grew 14 percent at 2,951 units against 2,592 units in August of 2017. On a year to date basis, its exports have risen 61 percent so far at 14,922 units against 9,253 units.

Meanwhile, total domestic sales grew to 45,373 units against 39,615 units in the previous year.

Brokerage: UBS | Rating: Buy | Target: Rs 1,200

Research house UBS has maintained buy call on M&M and raise target to Rs 1200 from Rs 1000 with potential upside of 27 percent.

UBS believes that the new SUV launch could drive re-rating and expect tractor growth to remain robust.

S201 is a key potential trigger, while Ford alliance is a long-term positive, it added.

Brokerage: Nomura | Rating: Buy | Target: Rs 1,071

Nomura has maintained buy rating on the stocks with a target at Rs 1071 per share.

Marazzo launch is an important as it comes after 2.5 years of gap and company expects to sell around 9k units/ month from the 3 new launches this year, said Nomura.

Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 1,050

Deutsche Bank has maintained buy on M&M. It has raised target to Rs 1,050 from Rs 1,005 with potential upside of 11 percent.

According to research house, Marazzo pricing is right in middle of two largest selling models in the segment.

It expect Marazzo to achieve monthly run-rate of 2500-3000/month in H2FY19 and company is planning a capacity of 8000-9000/month between Marazzo and S201.

Brokerage: Citi | Rating: Buy | Target: Rs 1,060

Citi has maintained buy on Mahindra and Mahindra with target of Rs 1,060. According to Citi, UV growth continues to be modest but market share has softened.

Tractors report a steady month, while new SUV models are critical; all eyes on Marazzo, it added.

At 13:43 hrs Mahindra and Mahindra was quoting at Rs 937.45, down Rs 8.50, or 0.90 percent.

Posted by Rakesh Patil
First Published on Sep 4, 2018 01:56 pm
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