UBS ups Mahindra & Mahindra to 'buy'

Agencies : Mumbai, Fri Oct 26 2012, 12:15 hrs

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UBS has upgraded Mahindra & Manhindra to 'buy' from 'neutral' citing a strong outlook for profit margins despite falling tractor sales, as well as increased demand for utility vehicles.

The investment bank also expects a recovery in tractor sales to boost earnings before interest, taxes, depreciation and amortization (EBITDA), a widely used gauge of operational profitability.

UBS raised its target price on the stock to 1,050 rupees from 780 rupees as part of its ratings change. Mahindra & Mahindra shares were up 0.1 percent in pre-open trade on Friday.

India's biggest SUV manufacturer reported a 22 percent in July-September profit on Thursday, beating analyst estimates.

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