For months, markets have been dancing to central bankers' tune, but that may now be changing, writes James Saft. Full Article
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
BofA Merrill downgrades Mahindra, Bajaj Auto to 'underperform'
MUMBAI (Reuters) - Bank of America Merrill Lynch downgraded automakers Mahindra and Mahindra Ltd(MAHM.NS) and Bajaj Auto Ltd(BAJA.NS) to "underperform" from "buy" each, citing share gains since mid-2012 and valuations it considered "not compelling."
BofA Merrill also cut its price target on Bajaj Auto by 16 percent to 1,925 rupees, and its price target on Mahindra and Mahindra to 883 rupees from 965, according to its report dated March 8.
(Reporting by Abhishek Vishnoi; Writing by Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this