MARKET EYE-Jefferies cuts India's Ashok Leyland to 'underperform'
* Jefferies downgrades Ashok Leyland, India's second-biggest bus and truck maker, to "underperform" from "buy" and cuts its target price to 21.8 rupees from 30.2 rupees. * The brokerage says truck demand "continues to deteriorate", while demand from Southern India, a critical market for Ashok Leyland, hasn't recovered "to the extent expected." * Jefferies also cites Ashok Leyland's "stretched" balance sheet and "weak" cash flows. * The downgrade comes ahead of the company's October-December earnings on Thursday. * Shares in Ashok Leyland are down 1.3 percent at 26 rupees as of 0755 GMT. (firstname.lastname@example.org /; email@example.com)
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