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Indiabulls Securities Research has recommended a buy rating on Mahindra and Mahindra with a target of Rs 680 in its September 5, 2008 research report. “At the current market price, the stock trades at a forward PE of 17.3x FY09E and 15.2x FY10E. Based on the SOTP valuation method, we reiterate our Buy rating for the stock with a revised target price of Rs 680, which suggests a potential upside of 16.8% from the current market price of Rs 581.95,” says Indiabulls Securities’ research report.

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