CLSA lowers Tata Motors to outperform; cuts price target
CLSA on Friday downgraded Indian automaker Tata Motors to outperform from buy and cut its price target to Rs 1,320 from Rs 1,500, citing lower India volumes and margins.
CLSA on Friday downgraded Indian automaker Tata Motors to outperform from buy and cut its price target to Rs 1,320 from Rs 1,500, citing lower India volumes and margins.
CLSA also cut its earnings per share estimates by 7% and 8% for FY12 and FY13 respectively."We are quite concerned about Tata's quickly weakening India car franchise," it said in a note.After market hours on Thursday, Tata Motors reported full-year profit more than trebled, driven by higher sales at home and at its UK-based Jaguar and Land Rover unit, but warned competitive pressures and high commodity prices continued to be a challenge. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
