Credit Suisse Upgrades Tata Motors (TTM) to Outperform
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Credit Suisse upgraded Tata Motors (NYSE: TTM) from Neutral to Outperform and raises its price target to Rs720 (from Rs510).
Analyst J. Chawla commented, "We believe the GBP depreciation will drive multi-year outperformance for TTMT (JLR) in a way similar to what happened with the JPY for the Japanese stocks. We upgrade the stock to OUTPERFORM (from Neutral) with a TP of Rs720 (from Rs510) representing a ~40% upside. Tata Motors replaces Maruti Suzuki (downgraded to NEUTRAL) as our top pick in Indian Autos."
Shares of Tata Motors closed at $39.10 yesterday.
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