M&M share price target: Automaker shares hit record high on D-Street after brokerages raise targets; Jefferies sees 20% upside
M&M share price: Mahindra & Mahindra (M&M) shares clocked an all-time high on Tuesday, June 18 after global brokerages revised their targets on the counter post in Mumbai-based automobile manufacturers Investor Day presentation.
M&M share price, M&M share price target: Mahindra & Mahindra (M&M) shares clocked an all-time high on Tuesday, June 18 after global brokerages revised their targets on the counter post the Mumbai-based automobile manufacturer's Investor Day presentation. M&M shares gained nearly three per cent to a record high of Rs 3,013.5 on NSE in morning deals, extending gains for the third straight session. Here are the revised targets by the brokerages:
Should you buy, sell or hold M&M stock?
Jefferies has maintained a buy call on Mahindra & Mahindra. The brokerage has raised the target on the counter by Rs 600 per share to Rs 3,510 per share, the highest among its peers. The revised target implies a 20 per cent upside from the previous close.
Nomura too has kept a buy call on the automaker with a raised target of Rs 3,374 apiece from Rs 2,818 apiece earlier. Nomura highlighted the following key points:
- Battery Electric Vehicles to drive into the premium lane
- The farm machinery segment has a high potential
- Exports and 'growth gems' have further upside
- Expect M&M to continue delivering market-beating growth across segments
HSBC also has maintained a buy call with an increased target of Rs 3,340 per unit from Rs 2,800 earlier.
JP Morgan has maintained an overweight rating with a revised target of Rs 3,160 from Rs 2,700. Similarly, Morgan Stanley has retained an overweight rating on the counter with a raised target of Rs 3,049 from Rs 2,665 earlier.
Macquarie has maintained an outperform call with a target of Rs 3,281. On the flip side, CLSA has kept a sell call on M&M. But the brokerage has raised the target to Rs 2,636 from Rs 2,312.
M&M Q4 results: How did it fare in March quarter results?
M&M posted a 4 per cent increase in consolidated profit after tax (PAT) at Rs 2,754 crore for the March quarter, driven by strong performance of its automotive and farm sector segments. In the same quarter last year, M&M’s PAT was recorded at Rs 2,637 crore. Read more
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