Citi keeps MRF outperform, sets ₹1,65,238 target
In short
Citi kept an Outperform rating on MRF and set a target price of ₹1,65,238.
The call came even after MRF saw lower margins and profit in the quarter because raw material costs went up. Citi still sees about 30% upside.
What the reporting says
Citi retained its Outperform rating on MRF and set a ₹1,65,238 target price, despite quarterly margin and profit declines, according to a Mint Markets summary. The brokerage said the weakness was driven by higher raw material costs. The target implies about 30% upside, making the call cautiously positive for the tyre maker’s shares.
Why it matters
Citi kept its Outperform rating on MRF and set a ₹1,65,238 target price, according to Mint Markets. The brokerage pointed to quarterly margin and profit declines caused by higher raw material costs. Even so, the note implies around 30% upside from the target, which matters for investor sentiment around the tyre maker’s stock.