BofA upgrades Tata Motors on strong JLR sales

Bank of America-Merrill Lynch upgraded Tata Motors to 'buy' from 'neutral' and raises its target price to Rs 360 from Rs 285.

hidden January 02, 2013 13:51:44 IST
BofA upgrades Tata Motors on strong JLR sales

Bank of America-Merrill Lynch upgraded Tata Motors to 'buy' from 'neutral' and raises its target price to Rs 360 from Rs 285.

BofA-Merrill expects Tata's key unit Jaguar Land Rover would meet full-year sales expectations of 363,000 units and sustain momentum.

BofA upgrades Tata Motors on strong JLR sales

Reuters

At home, the investment bank said 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, Bank of America-Merrill Lynch added, but said lowered expectations have been built into forecasts.

Shares in Tata Motors were last up 0.4 percent at Rs 317.

Reuters

Updated Date:

also read

IPL 2021: Advertisers back tournament's suspension, silent about losses
First Cricket News

IPL 2021: Advertisers back tournament's suspension, silent about losses

The BCCI on Tuesday decided to indefinitely suspend the lucrative T20 cricket event due to a COVID-19 outbreak in its bio-bubble.

Pratap Bose resigns as Tata Motors’ design chief after a near-decade-long stint
News & Analysis

Pratap Bose resigns as Tata Motors’ design chief after a near-decade-long stint

Bold designs created under Pratap Bose’s leadership played a key role in helping Tata Motors script an epic comeback.