Shares of Maruti Suzuki (MARUTI SUZUKI) jumped 6.8% on Tuesday to hit its highest level since September 2018 at Rs 8,602.60 after better results. The company last year raised prices of some models, including its popular Swift, to help offset the increased input cost. Because of this, its profit also increased. At the same time, there was no shortage of demand for the company’s vehicles with production slowing due to a global shortage of semiconductors, and 240,000 customers were awaiting delivery of the vehicles by the end of December. Know the investment opinion of leading brokerage houses on MARUTI SUZUKI-
MORGAN STANLEY’s opinion on MARUTI
MORGAN STANLEY has an Overweight Rating on MARUTI and has fixed the share price as Rs 10600. He says the inventory levels are low but the order book is strong. The new model cycles are expected to drive volume growth while they have raised the EPS estimate for FY24 by 11%.
Opinion on credit suite’s MARUTI
CREDIT SUISSE has given Outperform Rating on MARUTI and has a target of Rs 10,389 for the stock from Rs 8,759 to Rs. They have raised the EPS estimate for FY23/24 by 3-4%. Valuations are not expensive at current levels. Market share, replacement demand and supply are expected to increase.
Opinion of GOLDMAN SACHS on MARUTI
GOLDMAN SACHS has a Buy rating on MARUTI and has a target of Rs 10100 for the stock. He says that the company’s third quarter results have been better than expected. The company expects margins to improve further in Q4. At the same time, the picture of returning to 100% production level is not clear.
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Opinion of CITI on MARUTI
CITI has given buy rating on MARUTI and has fixed target of share as Rs.10,000 from Rs.9500/-. He says the third quarter results have been better than expected. The demand trend for the company’s vehicles is good and the pricing environment is good. The new launch will strengthen the portfolio in FY23.
Macquarie’s opinion on Maruti
Macquarie has given Outperform Rating on Maruti and has set a target of Rs 9753 for the stock.
KOTAK INSTL EQ’s opinion on MARUTI
KOTAK INSTL EQ has a sell rating on MARUTI and has a target of Rs 7800 for the stock. He says Q3 EBITDA is 16% higher than expected due to cost reduction. Market share is expected to grow by 2-2.5% in 2-3 years. Reaching 50% market share in this environment is a challenging task.
CLSA’s opinion on Maruti
CLSA has given a sell rating on Maruti and has a target of Rs 6,440 for the stock. He says that the weak positioning in the SUV is likely to reduce the market share. On the other hand, with the reduction of the chip crisis, it is possible to improve the volume trend in the short term.
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