Morgan Stanley cuts the price target for Tata Motors
Posted By: Staff
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Morgan Stanley has lowered its price target for the Indian automaker Tata Motors from Rs 1,345 to Rs 1,324. However the Morgan Stanley remained its "overweight" rating based on its conservative domestic sales expectations.
“Tata Motor"s growth can be a bit slower, in spite of, the company has a strong hold in its domestic market", said, The US investment bank on Thursday.
Morgan Stanley has increased its earnings per share estimates for Tata Motors by 13% and 12% for fiscal year 12 and fiscal year 13 respectively, on the basis of its growth in UK, which is based on the Jaguar Land Rover sales.