Goldman Sachs downgrades India's Hero Honda, M&M


MUMBAI, Jan 27 (Reuters) - Goldman Sachs on Thursday downgraded Indian motorcycle maker Hero Honda and utility vehicles maker Mahindra & Mahindra to "sell", from "neutral and "buy" ratings respectively. "We believe Hero Honda saw the maximum margin decline relative to the industry during the strong demand momentum in 2010, and believe margins could come under further pressure due to moderating growth over FY12/13," analyst Sandeep Pandya said in a note. Goldman said the valuation for ...

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