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Shares of Maruti Suzuki India (MSIL) were trading higher by 2% at Rs 3,748, extending its previous day’s 2% gain on NSE, after broking firms reiterate “BUY” recommendation on the stock with a target price by up to Rs 4,300 per share.
The stock opened at Rs 3,703 and touched a new high of Rs 3,759 on NSE. Till 1139 hours, a combined 358,891 shares changed hands on the counter on NSE and BSE.
Mitul Shah, analyst at Karvy Stock Broking believes that MSIL’s strong product pipe line coupled with vast dealer network would be the key driver over next 2-3 years. Better product mix and favourable currency would result in EBIDTA margin expansion of around 200bps over FY14-FY17E
“We believe that economic recovery amid positive sentiments from urban market will increase first time buyers, despite near term headwinds. We reiterate our “BUY” recommendation on MSIL and maintain our target price of Rs 4,300 per share,” said analyst in a research note.
Maruti Suzuki with its robust product line up and strong competitive position is well placed to benefit from a potential improvement in the passenger car volumes. Further, benefits of currency movements (INR/JPY) are will be felt in the coming quarter. We maintain an Outperformer rating on the stock with a target price of Rs 4,285, said analyst at IDFC Securities.
The stock opened at Rs 3,703 and touched a new high of Rs 3,759 on NSE. Till 1139 hours, a combined 358,891 shares changed hands on the counter on NSE and BSE.
Mitul Shah, analyst at Karvy Stock Broking believes that MSIL’s strong product pipe line coupled with vast dealer network would be the key driver over next 2-3 years. Better product mix and favourable currency would result in EBIDTA margin expansion of around 200bps over FY14-FY17E
“We believe that economic recovery amid positive sentiments from urban market will increase first time buyers, despite near term headwinds. We reiterate our “BUY” recommendation on MSIL and maintain our target price of Rs 4,300 per share,” said analyst in a research note.
Maruti Suzuki with its robust product line up and strong competitive position is well placed to benefit from a potential improvement in the passenger car volumes. Further, benefits of currency movements (INR/JPY) are will be felt in the coming quarter. We maintain an Outperformer rating on the stock with a target price of Rs 4,285, said analyst at IDFC Securities.
