Barclays upgrades L&T to 'overweight'
Reuters Market Eye - Barclays upgrades Larsen & Toubro Ltd(LART.NS) to "overweight" from "equal weight", saying the engineering firm's earnings cycle is heading closer to a trough and should rebound from the second half of fiscal 2014.
Barclays also cites valuations, noting L&T's earnings are at 10-year lows.
However, Barclays cuts its target price on L&T to 900 rupees from 1,000 to reflect impact of rupee depreciation on margins in the near term.
(Reporting by Abhishek Vishnoi)
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