Deutsche Bank Downgrades Tata Motors Ltd (TTM) to Hold; Valuation Call
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Deutsche Bank downgrades Tata Motors Ltd (NYSE: TTM) to Hold.
Deutsche analyst says, "We have downgraded Tata Motors’ rating to Hold with the same target price of Rs560. Due to its strong outperformance (6m 97% vs. Sensex), we believe the current price discounts the expected recovery in its domestic business and the likely cost savings Tata Motors would achieve in Jaguar LandRover (JLR) in the mid term. We see its India-based business to be FCFF positive in FY10E and JLR to turn FCFF positive in FY11E. At the current price, we think the upside risk from stronger domestic recovery is balanced vs. a possible delay in JLR’s turnaround."
To see more analyst ratings on TTM Click Here.
TATA MOTORS LIMITED manufactures commercial and passenger vehicles primarily in India.
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