Macquarie has maintained its outperform rating on Tata Motors, while CLSA has retained its sell rating
Two brokerages have slashed their target price on Tata Motors while retaining their recommendations on the stock.
CLSA has retained its sell rating on the carmaker, cutting its target price to Rs 170 from Rs 200.
Macquarie has maintained its outperform rating on the stock but lowered the target price to Rs 325 from Rs 485.
CLSA sees a potential downside of 5 percent, while Macquarie sees a potential upside of 82 percent.
Macquarie said it cut the target price due to lower EBITDA estimates for FY19 and FY20. Whereas CLSA cut the EPS estimates by 10-28 percent due to lower sales volumes and margins on JLR.At 0939 hours, Tata Motors was quoting at Rs 181.5, up 1.6 percent from the previous close.