BofA downgrades TVS Motor stock

Bank of America Merrill Lynch downgraded two-wheeler maker TVS Motor Co to underperform from neutral,and cut its target price on the stock to 53 rupees from 72 rupees,citing disappointing third-quarter results and muted growth prospects.

TVS Motor’s year till date aggregate volume growth of 10 per cent is below industry average in key segments (bikes,scooters,three wheelers),it said in a note. At 10:59 a.m,TVS Motor shares were up 1.14 percent at 53 rupees.