Macquarie has initiated coverage on Hyundai Motor with an “Outperform” rating and a target price of Rs 2,235.
The firm views Hyundai as a strong player in premium passenger vehicle growth and believes it should trade at a higher PE multiple compared to its peers. Macquarie notes that Hyundai’s market share in key segments has stabilized or improved from recent lows, citing a favorable product mix and premium positioning. Additionally, they see potential benefits from powertrain options, including the company’s parent capabilities and possible market share gains.
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