HSBC upgrades Mahindra & Mahindra, citing valuations

HSBC upgrades Mahindra and Mahindra to "overweight" from "neutral" and raises its target price to Rs 1,445 from Rs 1,340, saying it is the cheapest large-cap in the domestic autos universe.

"UV (utility vehicle) business is at a trough but with a favourable base in 2HFY15 and multiple triggers in FY16," the investment bank said in a report on Friday.

M&M shares are up 1.7% at 11:38 a.m.