Stocks | Wed Jan 2, 2013 10:35am IST

MARKET EYE-BoA-Merrill sees Tata Motors at 'buy' on JLR outlook

* Bank of America-Merrill Lynch upgrades Tata Motors 
to 'buy' from 'neutral' and raises its target price to 360
rupees from 285 rupees.
* Boa-Merrill cites expectations Tata's key unit Jaguar Land
Rover would meet full-year sales expectations of 363,000 units
and sustain momentum.
* At home, the investment bank says Tata's truck/bus unit is
closer to a trough, while light commercial vehicles are "growing
ahead of peers" and the utility vehicles segment is benefitting
from a structural uptrend.
* The domestic cars unit may not recover, Boa-Merrill adds, but
says lowered expectations have been built into forecasts. 
* Shares in Tata Motors were last up 0.6 percent at 318.5
rupees.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net)

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