Mahindra & Mahindra , one of India's largest automakers, last week unveiled two new electric vehicles priced around $25,000, challenging both domestic and international rivals in the growing Indian EV market.
The Wall Street bank has a buy rating on Mahindra's stock, with a price target of 3,520.00 Indian rupees ($41), which points to 18% upside potential.
MAHM-IN 1Y line Mahindra & Mahindra said the vehicles will have a range of up to 682 kilometers (424 miles) with the larger battery option.
He has a price target of 3,420 rupees on the stock, which represents 15% upside and is also the median price target of all analysts covering the stock.
Tata Motors , another large automaker, currently dominates India's small EV market, with about 70% market share.
Persons:
Arvind Sharma, Citi's Sharma, Tesla, Motilal Oswal, Aniket Mhatre, Mhatre, Motilal, Kapil Singh
Organizations:
Mahindra, EV, Electric, Bank of America, National Stock Exchange, Motilal Oswal, Investment, Tata Motors, Korea's Hyundai Motors
Locations:
Chennai, India, China, U.S, Germany