Morgan Stanley cuts Tata Motors target price to Rs 1,324

Morgan Stanley has cut the price target for Indian automaker Tata Motors to Rs 1,324 from Rs 1,345 but maintained its "overweight" rating on the stock based on its conservative domestic sales expectations.

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The US investment bank said in a note on Thursday Tata Motors, which has a dominant domestic franchise in commercial vehicles, might face a slower growth environment.
However, Morgan Stanley raised its earnings per share estimates for Tata Motors by 13% and 12% for FY12 and FY13 respectively on growth in its UK-based Jaguar Land Rover sales.