Maruti Suzuki stock gains after Morgan Stanley raises target price

Morgan Stanley maintained an ‘overweight’ call and increased the target price to Rs 14,322 from Rs 11,228.

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Shares of Maruti Suzuki saw marginal gains of around 0.3 percent at the open on April 9 after Morgan Stanley maintained an ‘overweight’ call and raised the target price to Rs 14,322 from Rs 11,228. At 9:20am, the stock was trading at Rs 12,802.35.

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According to the brokerage, a global slowdown in EVs shows that the  powertrain technology strategy which Maruti Suzuki has is the best to navigate the current landscape as hybrids are seen as an attractive bridge in the EV transition globally. While the hybrid takeoff in India has been slow, the brokerage believes that this could change. One key risk could be that the market could become competitive and market share losses can cause de-rating.

In Q3FY24, the company reported a net profit of Rs 3,130 crore, up by 33 percent from the Rs 2,351.3 crore in the previous fiscal. Revenue also increased 15 percent to Rs 33,309.7 crore from Rs 29,044.3 crore in Q3FY23. The automaker’s EBITDA (earnings before interest, tax, depreciation and amortisation) increased 38 percent YoY to Rs 3,909 crore from Rs 2,833 crore in the previous fiscal.

Also read: Maruti Suzuki eyes 3 lakh exports in FY25, 8 lakh by 2030

Over the last one year, the stock has gained around 50 percent and around 74 percent in the last five years.

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