UBS upgrades Tech Mahindra citing earnings upside, valuations
UBS upgraded Tech Mahindra to "buy" from "sell" and raises its target price to Rs 1,650 from Rs 920, citing potential earnings upsiTCde, cheap valuations.
The investment bank says the recent rupee weakness will help offset some of the cost associated with trying to increase revenue.
UBS adds that its shares valuations at a 50 percent discount to Tata Consultancy Services Ltd offer potential upside on earnings surprises.
Tech Mahindra's shares are up 1.6 percent at 10:32 a.m.