BofA Merrill downgrades Mahindra, Bajaj Auto to 'underperform'

Bank of America Merrill Lynch downgraded automakers Mahindra and Mahindra and Bajaj Auto to "underperform" from "buy" each, citing share gains since mid-2012 and valuations it considered "not compelling."

BofA Merrill also cut its price target on Bajaj Auto by 16 percent to Rs 1,925. Reuters[/caption]

BofA Merrill also cut its price target on Bajaj Auto by 16 percent to Rs 1,925 , and its price target on Mahindra and Mahindra to Rs 883 from 965, according to its report dated March 8.

Reuters