Credit Suisse raised the target price of the stock to Rs 3,500 from Rs 3,020, citing optimism about the car maker's product launches and margin expansion potential.
Credit Suisse called Maruti the "top pick" in Indian autos, while retaining its "outperform" rating.
An uptick in the economy is likely to benefit the company, and most analysts see better days for the auto sector in India.
Most of the auto stocks have rallied on hoped of better prospects for the industry. Stocks like Mahindra and Mahindra have also rallied along with Tata Motors to near 52-week highs.