Elara has maintained accumulate rating and raised target price by 7.7% to ₹10,000. Goldman Sachs has maintained buy rating and raised the target price to ₹10,100 from ₹9,100. Jefferies and HSBC have maintained buy rating while raising target price by 13.5% and 15.9% respectively. Motilal Oswal has maintained buy rating while raising target price to Rs 10,300.
“We see better times for Maruti Suzuki India ahead given strong demand recovery, easing chip constraints, input cost pressures behind, and a product cycle likely around the corner. Maruti Suzuki India’s commentary was positive on all the above parameters,” said Jefferies.
CLSA, however, is bearish on the stock as it believes that the company’s weaker positioning in the sports utility vehicle segment will impact its market share.
