JPMorgan upgrades DLF; shares gain

J.P.Morgan has upgraded property developer DLF to "overweight" from "neutral" and raised its target price to Rs 300 from Rs 220. The investment banker says DLF stands to benefit from debt reduction and the launch of luxury projects in Gurgaon, a suburb of New Delhi. J.P.Morgan says DLF shares will also gain on additional traction in asset sales and expected interest rate cuts. DLF shares were up 0.74 percent at Rs 232.15.