ENAM upgrades Tata Motors' to BUY

ENAM has released a research report on Tata Motors Limited with a revised target price of Rs.305 (from Rs.252 earlier). The company has also been upgraded to BUY after the revised target price was announced.

ENAM has increased the target price for the stock after an EPS upgrade of 5% to Rs.45 for FY14E to factor in higher volumes for Range Rover (RR) and higher multiple for JLR.

ENAM expects the fourth generation RR to drive market share for JLR in FY14. It expects new RR to surpass its peak of 32,000 units in CY04.

Source : Equity Bulls

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