Prabhudas Lilladher has downgraded its rating on Maruti Suzuki India to market performer with a target price of Rs 715 in its July 22, 2008 research report. "Maruti Suzuki India (MSIL) reported 21% topline growth to Rs 47.5 billion in Q1FY09. Adjusted PAT was down about 4% YoY to Rs 4.79 billion. The company is currently trading at 10.0x FY09E EPS of Rs 65.0 and 8.0x FY10E EPS of Rs 81.0. While the downside risk to the stock is limited, the current high interest rate and inflationary trend compels us to downgrade the stock to Market Performer, target Rs 715," says Lilladher's research report.

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