MARKET EYE-India's Maruti shares jump as CLSA upgrades to 'buy'
* Shares in India's Maruti Suzuki gain 2.8 percent after earlier touching its highest level since Jan 4, 2011, after CLSA upgraded the stock to 'buy' from 'sell' with a target price of 1,915 rupees. * CLSA says Maruti's earnings is improving, with passenger vehicle demand seen gradually recovering over fiscal 2014-15 on the back of improving economic growth and falling interest rates, according to a note dated on Saturday. * The brokerage also says Maruti's renewed focus on exports and the launch of a new compact sports utility vehicle will add to volumes. * Earnings sensitivity to the Japanese yen will also wane as the company builds more cars in India and boosts exports, CLSA says. * CLSA's upgrade comes as the majority of analysts already have 'buy' or equivalent ratings, with 14 'buy' and 19 'outperform' ratings, as per I/B/E/S estimates. (email@example.com /; firstname.lastname@example.org)
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