M&M Share Price Target Raised After Q3, Top Pick Among Analysts

• Mahindra & Mahindra Ltd. shares in focus after strong December quarter results, with consolidated revenue crossing ₹50,000 crore for the first time.
• CLSA maintains 'Outperform' rating, raising price target to ₹4,702, citing M&M as a revenue market leader in utility vehicles and expecting 20% EBITDA CAGR over FY26-28.
• Nomura keeps 'Buy' rating with a ₹4,662 target, highlighting a strong outlook across segments and M&M as its top pick due to continued SUV growth.
• HSBC gives 'Buy' rating with a ₹4,250 target, anticipating SUV volume growth driven by successful model launches and capacity expansion, while flagging El Niño as a risk.
• Jefferies rates 'Buy' with a ₹4,500 target, noting M&M's 15th consecutive quarter of double-digit EBITDA growth and market share gains across key segments.