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Investing.com - Jefferies downgraded Maruti Suzuki India Ltd (MSIL:IN) from Buy to Hold with a price target of INR17,500.00, citing limited upside potential following the stock’s significant rally this year.
The automaker’s shares have climbed 49% year-to-date, outperforming the Nifty-50 index by 40%, according to Jefferies’ analysis released Sunday.
Maruti Suzuki’s September quarter EBITDA remained flat year-over-year, though it exceeded Jefferies’ estimates by 6%. However, profit after tax declined 16% compared to the same period last year, falling 7% below the firm’s expectations due to lower financial income.
While Jefferies maintains a positive outlook on passenger vehicle demand and acknowledges Maruti’s strong export performance, the firm expressed concern about the company’s domestic market share, which has fallen to a 14-year low in the first half of fiscal year 2026.
Jefferies indicated its preferred automotive sector investments are MM, TVSL, and EIM, though it still ranks Maruti Suzuki above Hyundai, which carries an Underperform rating.
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