M&M shares surge 3% as BofA upgrades it to Buy, sees 22% upside
[hfe_template id='11223']
[ad_1]
Shares of M&M climbed 3% to Rs 2,568 during Friday's intraday session on BSE after the global brokerage firm BofA upgraded its rating on the stock from Neutral to Buy. BofA also raised the stock's target price to Rs 3,050 from Rs 2,480, indicating an upside potential of 22% from the previous day's closing price of Rs 2,494.7 apiece. BofA Securities believes that M&M has multiple growth catalysts that will play out in the next 12-18 months. The company's core business remains steady with market share gains in the SUV segment and a potential turnaround in the tractor business, BofA stated in a note. Also Read: Modi magic! PSU stocks create Rs 7 lakh crore wealth this election season M&M's subsidiaries are expected to contribute more significantly to the company going forward. BofA highlighted the new leadership, bold growth plans, and focus on sustainability within the subsidiaries as key positives. At 11:32 ...