MACQUARIE ON MRF : 08.06.2021
* DOWNGRADE NEUTRAL TARGET: 90,000 (PREV TGT: 1,00,000)
* Macquarie downgrades MRF to NEUTRAL, target cut from Rs 1,00,000/sh to Rs 90,000/sh
* Q4 Margin Declined Sharply QoQ Due To Commodity Cost Pressures
* Both Revenue & Margin Have Underperformed Peers
* Expect Margin To Face Headwinds Over The Next Few Quarters
* Full Valuations Limit Near-term Stock Upside
* Lower FY22/23 EPS Estimates By 14%/8%
MACQUARIE ON MRF : 08.06.2021
