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Mumbai: Brokerages remain bullish on as the automaker’s net loss in the March quarter narrowed to ₹1,033 crore from ₹7,605 crore reported in the same period a year ago.

The narrowed loss and bullish commentary from brokerages drove the stock to gain 8.7% to close at ₹404.35 on Friday.

Motilal Oswal,

, Nomura, Kotak Institutional Equities, YES Securities and maintained a ‘buy’ rating on the stock; while Morgan Stanley and JP Morgan have maintained ‘overweight’ stance on the stock.

CLSA has upgraded the stock to ‘underperform’ from ‘sell’ and raised target price to ₹411 from ₹392 on increase in domestic business valuation. The brokerage sees limited downside in the stock as it values JLR at close to book value while domestic business is strong.

JP Morgan has raised target price to ₹525 per share from ₹515 per share.

Brokerages Bullish on Tata Motors After Lower LossesET Bureau

Some brokerages have cut Jaguar Land Rover estimates due to global uncertainties, which has led to cuts in target prices as well.

“Ongoing supply challenges compounded by the Russia-Ukraine conflict and lockdowns in China due to Covid and commodity inflation will be key challenges in FY23. Q1FY23 is likely to see negative EBIT and FCF (free cash flow) given these supply chain issues and New Range Rover Sport changeover which is likely to limit volume increases. However, post Q1, volumes are expected to increase through the year,” said Axis Capital, which has lowered target price to ₹590 from ₹620. Nomura has cut target price to ₹471 from ₹615. Credit Suisse has trimmed target price to ₹438 from ₹474 while keeping a neutral stance.


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