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Barclays upgrades Larsen & Toubro to ‘overweight’

Barclays also cites valuations,noting L&T's earnings are at 10-year lows.

Written by Reuters | Published: August 26, 2013 10:16:56 am

Barclays upgrades Larsen & Toubro Ltd to ‘overweight’ from ‘equal weight’,saying the engineering firm’s earnings cycle is heading closer to a trough and should rebound from the second half of fiscal 2014.

Barclays also cites valuations,noting L&T’s earnings are at 10-year lows.

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However,Barclays cuts its target price on L&T to 900 rupees from 1,000 to reflect impact of rupee depreciation on margins in the near term.

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