Credit Suisse upgrades Mahindra & Mahindra to 'outperform'

Wed Apr 23, 2014 4:24pm IST

A model sits on a Rodeo RZ scooter at the Mahindra and Mahindra pavilion during the Indian Auto Expo in Greater Noida, on the outskirts of New Delhi February 6, 2014. REUTERS/Adnan Abidi/Files

A model sits on a Rodeo RZ scooter at the Mahindra and Mahindra pavilion during the Indian Auto Expo in Greater Noida, on the outskirts of New Delhi February 6, 2014.

Credit: Reuters/Adnan Abidi/Files

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Reuters Market Eye - Credit Suisse upgrades Mahindra and Mahindra(M&M) to "outperform" from "neutral," saying its four-wheeler autos and commercial vehicles will benefit from even a short-lived economic recovery, while the auto-maker has "undemanding valuations."

The investment bank still has Maruti Suzuki India Ltd as its preferred pick saying it had done "an excellent job of maintaining its marketshare and stands out on all parameters needed to succeed in India."

However, Credit Suisse downgrades Tata Motors Ltd to "neutral" from "outperform" saying unit Jaguar Land Rover could see muted volume growth in the near term, in part as Evoque sales slow down.

The investment bank says it remains concerned about the two-wheeler market given the deterioration of pricing power.

M&M closed 1.24 percent higher, while Tata Motors lost 0.9 percent.

(Reporting by Abhishek Vishnoi)

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