Tata Motors target price now 360 rupees: BofA-ML
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)
- Tweet this
- Share this
- Digg this
- Captain of Korean ferry may not have been on bridge
- India passes halfway mark in election with BJP gaining strength
- Ex-Goldman director Gupta starts prison term on June 17
- S.Korea ferry captain rushed back to bridge as ship listed - crewman
- Acid attack survivor wins millions on 'Kaun Banega Crorepati'
The Election Commission has lifted a ban on a top aide of Hindu nationalist opposition leader Narendra Modi that had threatened to hobble his efforts to win votes in the country's most populous state. Full Article | Full Coverage