Buy Tata Motors; target of Rs 1188: Sharekhan

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Sharekhan's research report on Tata Motors

Tata Motors Ltd plans to separately list its CV and PV businesses in equity markets. TML has been consistently showing an improvement in all of its business segments.

Outlook

We maintain a Buy with a revised PT of Rs 1,188 on expectations of continued improvement in JLR, PV and CV business and reduced net automotive debt from current levels. Stock trades at P/E multiple of 14.6x and EV/EBITDA multiple of 5.6x its FY26E estimates.

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Tata Motors - 06032024 - khan