Nomura has reiterated its ‘Buy’ rating on Tata Motors, adjusting the target price to ₹900 per share, indicating a potential 12% upside from the current market price (CMP) of ₹803.55. The brokerage notes that while the company’s Q2 performance was below expectations, Jaguar Land Rover (JLR) has maintained its guidance. Nomura anticipates a strong rebound in JLR during the second half of FY25 and expects a recovery in India’s commercial vehicle (CV) segment by Q4. Additionally, JLR’s performance across markets has been better than its peers.
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