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Tata Motors target price now 360 rupees: BofA-ML
Men walk inside a Tata Motors showroom on the outskirts of Agartala, capital of Tripura, November 7, 2012.
Credit: Reuters/Jayanta Dey/Files
Reuters Market Eye - Bank of America-Merrill Lynch upgrades Tata Motors(TAMO.NS) to 'buy' from 'neutral' and raises its target price to 360 rupees from 285 rupees.
BofA-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.
(Reporting by Abhishek Vishnoi)
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