Motilal Oswal is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 353 in its research report dated September 10, 2018.
Motilal Oswal's research report on Tata Motors
JLR’s wholesale volumes declined 4% YoY (+21.9% MoM) to 42.7k units (estimated 29.5k units), including China JV volumes at 4.1k units in Aug-2018. Jaguar volumes increased 29.4% YoY (+14.3% MoM) at 14.2k units (estimated 9.5k units), while Land Rover volumes declined 14.9% YoY (+26% MoM) to 28.5k units (estimated 20k units).
Outlook
The stock trades at 9.2/7.2x FY19E/20E consolidated EPS. Maintain Buy with a target price of INR353 (September-2020 SOTP-based).
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