Brokerage calls on Tata Motors, JP Associates, BHEL and Jet

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Goldman Sachs retains its neutral stance on Tata Motors with a target of Rs 166. Valuation for Tata Motors is currently at a premium to its EU and US peers and the stock looks fairly valued on relative returns.

Morgan Stanley retains an overweight call on JP Associates with a target of Rs 123. They may revise their earnings estimates downwards soon on disappointment in the cement business, the non-operating cost surprise and the likely continuation of the higher interest rate regime in India.

Goldman Sachs retains its neutral call on BHEL with a target of Rs 404. While strong execution on industrial orders is positive, structural issues in the power segment with lower visibility on order inflow and expected margin compression continue to be key concerns.

Merrill Lynch retains its underperform rating on Jet Airways with a target of Rs 225. Earnings were sharply below expectations and Merrill has slashed FY12 estimates on account of higher costs and cut in FY12 yields.