Brokers’ Call: Barclays overweight on M&M

Barclays has reiterated its ‘Overweight’ rating on Mahindra and Mahindra with a target price of Rs 1,049 and raised their FY14E/15E estimates by 7 per cent/8 per cent respectively to factor in stronger UV volumes and sustained growth in the realizations.

“While we have reduced our tractor volume estimates, we do concede that continued weakness in the tractors could be an area for earnings disappointment going forward,” Barclays said.