Motilal Oswal is bullish on Maruti Suzuki recommended buy rating on the stock with a target price of Rs 6850 in its research report dated July 30, 2020.
Motilal Oswal 's research report on Maruti Suzuki
While MSIL’s 1QFY21 performance was insignificant as normal operations were there only for two weeks in 1Q, commentary on demand recovery is positive. However, commentary on demand recovery is positive. Management has not given any demand outlook as the situation in dynamic and operating environment is changing frequently. We upgrad our FY21/FY22E EPS by ~13%/5% to factor in for cost cutting initiatives, higher other income and lower depreciation. Maintain Buy.
Outlook
The stock trades at 40.7x/25.6x FY21/FY22E consol. EPS. Maintain Buy, with TP of ~INR6,850 (~25x Sep’22E consol. EPS).
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