Tata Motors Stock Rebounds After Emkay Upgrades to 'Buy'

Updated : Sep 20, 2024 13:30
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Editorji News Desk

Investors in Tata Motors are seeing some relief as the stock rebounds after three days of losses.

Emkay Global has upgraded Tata Motors to a 'Buy' rating with a price target of ₹1,175.

Emkay also points out that Jaguar Land Rover, a Tata Motors subsidiary, has lower exposure to the Chinese market and therefore a demand slowdown there is not a big concern.

"While TTMT would also be impacted by the overall sluggishness, we believe new launches incl. Curvv (forms 10 per cent of dealer volumes in some markets, as per checks) and relatively lower inventories would help it post better-than-industry performance (we build in 6% volume CAGR over FY24-27E)," the domestic brokerage said.

"While the overall growth expectations are modest, we expect profitability to sustain, driven by mix and cost actions with the deleveraging journey also on track (net debt free in FY25E)," Emkay Global said.

In India, Emkay sees promising signs with potential margin improvements for CVs, and low inventory levels coupled with hit launches for PVs. 

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Tata Motors

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