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Buy Tata Motors; target of Rs 375: ICICI Direct

ICICI Direct is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 375 in its research report dated July 27, 2021.

July 29, 2021 / 02:29 PM IST
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ICICI Direct's research report on Tata Motors

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR). JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%


We maintain BUY on continued deleveraging focus and EV proactiveness We value TML at an unchanged target price of Rs 375 on SOTP basis (11x, 3.3x FY23E EV/EBITDA on India, JLR businesses respectively).

For all recommendations report, click here


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first published: Jul 29, 2021 02:29 pm
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