Tata Motors shares rise after CLSA rating upgrade; here’s target price
Tata Motors Ltd has received a rating upgrade from CLSA as the foreign brokerage believes an adverse near-term outlook has given scope to enter the counter at favourable valuations. The foreign broking firm has reportedly suggested a ‘High-Conviction Outperform’ on Tata Motors from just ‘Outperform’ earlier, with a target price of Rs 930, suggesting 36 per cent potential upside ahead.
Following the upgrade, the stock was trading at Rs 687.70 on BSE, up 0.89 per cent. The Tata group stock has correction 37 per cent in the past six months amid weak demand outlook and fears of additional import tariffs on Europe by the US, which could hurt JLR’s US sales.
At present, the British arm JLR trades at 1.2 times estimated FY27 EV/Ebitda…
