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Accumulate Tata Motors, target Rs 445: Angel
Angel Broking has upgraded its rating on Tata Motors (TML) to accumulate from neutral with a target price of Rs 445. At current levels, the research firm believes substantial portion of the concerns are now reflected in the TML stock price.
Angel Broking has upgraded its rating on Tata Motors to accumulate from neutral with a target price of Rs 445 in its September 2, 2008 research report. "At current levels, we believe substantial portion of the concerns are now reflected in the TML stock price. Further, after considering the risks applicable to the consolidated entity, effects of the dilution owing to the Rights issue and conservatively assuming USD 100 million Profit in CY2009E for J&LR at 0.8% NPM (global peers have NPM in the range of 2-3%), we assign a target multiple of 9x FY2010E consolidated Earnings to the stock. Thus, considering limited downside from current levels, we upgrade the stock to Accumulate from Neutral, with a target price of Rs 445," says Angel's research report.
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