Shares of Apollo Tyres jumped 4% in early trade after UBS upgraded its rating on the stock to 'buy' from 'neutral', while also raising its target price to Rs 590, from Rs 580 earlier.
The brokerage believes that the market is underappreciating the tyre-maker's medium term earnings recovery potential, as the stock continues to trade at a discount to peers.
Apollo Tyres' India operations are approaching inflection point, while Europe will see a "better road ahead", according to UBS.
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