Sharekhan is bullish on Maruti Suzuki and has recommended buy rating on the stock with a target of Rs 2130 and also recommended UltraTech Cement to reduce rating with a target of Rs 2052 in its April 25, 2014 research report.
Maruti Suzuki:
In view of the raw material cost pressures witnessed during the quarter and the management's hesitation in taking price hikes in the face of weak customer sentiment, we have reduced our earnings estimates for FY2015 and FY2016 by 8% and 5% respectively. The stock is trading at 14.5x the revised FY2016 earnings estimate of Rs135.1 and offers a 9% upside from the current levels. We reiterate a Buy recommendation on the stock with an unchanged price target of Rs2,130.
UltraTech Cement:
UltraTech is our preferred stock in the cement space due to its strong balance sheet and pan-India presence. However, the stock is trading at a historically high enterprise value/earnings before interest, tax, depreciation and amortisation (EV/EBITDA) multiple and pricing in all the positives at an EV of close to 11x FY2016E operating profit (EBITDA). Consequently, we downgrade the rating on the stock to Reduce with a price target of Rs2,052 and advise waiting for a better entry point.
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