The share price of Mahindra and Mahindra (M&M) rose more than 2% intraday on June 15 after brokerages maintained a "buy" call and raised the target price of the stock.

The company had on June 12 posted a loss of Rs 3,255 crore in the March quarter after writing down investment Ssangyong and other international subsidiaries. Profit in the year-ago quarter was Rs 969.2 crore.

Revenue from operations declined 34.8% YoY, which was ahead of Street estimates, at Rs 9,005 crore in Q4FY20.

CLSA | Rating: Buy | Target: Raised to Rs 605 from Rs 412
 
The company's Q4 operating results were significantly higher than estimates, which reflects resilience in its tractor business. The management provide thee roadmap for tighter capital allocation, reported CNBC-TV18.

The recovery of the core business and improving the RoE outlook should drive re-rating.

CLSA increased FY21/22 EPS by 7%/17% and cut holding company discount to 30% from 40%.

Jefferies | Rating: Underperform | Target: Raised to Rs 395 from Rs 220

The company is positive in rural and will launch two new SUVs in FY22. Also, it is re-evaluating its other overseas investments. The stock factors in good tractor outlook & capital allocation changes, CNBC-TV18 reported.

The tractor outlook is good but a big cyclical upswing is unlikely. The SUV franchise has weakened despite new launches.

Jefferies raised FY21-23 EPS estimates by 5-6% on a slightly higher margin.

Nomura | Rating: Buy | Target: Raised to Rs 611 from Rs 501  

According to Nomura, the company is a beneficiary of the government's rural focus, while efficient capital allocation is going to drive re-rating.

It raised FY21F/Fy22F tractor volume estimates to -10%/+20% from -15%/+25% and overall volume estimates were revised up by 1.2-1.5%.

Also, raised M&M + MVML EBITDA margin estimates by 100bps/60bps to 13.2%/13.9% and revised M&M+MVML's FY21/22 EBITDA by 10%/+7%, EPS by 29%/+19%.

The company remained its top pick in the auto space, Nomura said.

AT 1143 hours, Mahindra and Mahindra were quoting at Rs 511.20, up Rs 2.50, or 0.49%, on the BSE.