Citigroup has reiterated its ‘Buy’ rating on Maruti Suzuki and set a target price of Rs. 1,654.
“Given the recovery in volumes after a brutal 3Q FY 2012, we increase our FY13/ 14E volume estimates by 6/5% respectively.
Our upward revision of FY13/14E earnings by 16% / 8% reflects volume growth as well as higher margin expectations,
For FY 13,Citigroup has factored in 30,000 volumes for Ertiga.
“Given the recovery in volumes after a brutal 3Q FY 2012, we increase our FY13/ 14E volume estimates by 6/5% respectively.
Our upward revision of FY13/14E earnings by 16% / 8% reflects volume growth as well as higher margin expectations,
For FY 13,Citigroup has factored in 30,000 volumes for Ertiga.
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