• Maintain Outperform; hike target price to Rs 14,400 from Rs 11,500
• Hyundai has outpaced Maruti on the earnings front in the past few years due to its premium and SUV positioning
• Maruti is catching up
• Narrative in the PV market shifts from SUVs to EVs; See Maruti as well positioned to tap the opportunity
• Maruti to benefit from a potential push towards Hybrids in the medium term
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