Citi has reiterated its Buy rating on Mahindra & Mahindra (M&M) stock with a target price of ₹3,520, reflecting a potential upside of 14.34% from the current market price of ₹3,078.00.
Volume growth momentum in M&M shares
M&M continued its strong performance in 2024, with impressive volume growth across key segments:
- Domestic UV (Utility Vehicle) volumes grew by 18% YoY, despite a 10% MoM decline, driven by incremental volumes from new models like the 3XO and Thar Roxx.
- Domestic tractor volumes also surged, rising 22% YoY, showcasing robust demand in the agricultural segment.
Price target highlights growth outlook
Citi remains confident in M&M’s ability to sustain growth across its product lines, buoyed by its strong domestic presence and successful new model launches. The brokerage sees continued momentum into 2025, further solidifying M&M’s position in the market.
Disclaimer:
This content is for informational purposes only and should not be considered as investment advice. Investors are advised to consult with financial advisors before making investment decisions.
