January 24, 2013 / 3:13 AM / 5 years ago

UBS cuts Tata Motors FY 2013, 2014 forecasts

MUMBAI (Reuters) - UBS cut Tata Motors Ltd’s (TAMO.NS) fiscal 2013 and 2014 earnings-per-share estimates by 6 percent after the automaker warned its luxury unit Jaguar Land Rover is likely to report a lower EBITDA margin in the October-December quarter.

Men walk inside a Tata Motors showroom on the outskirts of Agartala, capital of Tripura, November 7, 2012. REUTERS/Jayanta Dey/Files

UBS maintained its “sell” rating after the Tata announcement on Wednesday, citing “expensive” valuations, although the investment bank raised its price target to 255 rupees from 250 rupees as it rolls forward the target by six months.

Reporting by Abhishek Vishnoi; Editing by G.Ram Mohan

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