Morgan Stanley has maintained its “Equal-weight” rating on Tata Motors, setting a target price of ₹1,178, indicating a potential upside from the current market price (CMP) of ₹843.10. The brokerage highlighted strong performance in Jaguar Land Rover’s (JLR) October US retail sales, with Land Rover sales increasing by 25% year-over-year and Jaguar sales rising by 4%, reaching 715 units.
However, Morgan Stanley noted a significant increase in incentives per unit for Land Rover, which rose by 116% year-over-year. The brokerage’s outlook reflects a balanced view on Tata Motors’ growth prospects, factoring in both the sales momentum in its luxury vehicle segment and the higher incentives required to support these sales.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a financial advisor for guidance on investment decisions.
