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UPDATE: Credit Suisse Upgrades Tata Motors to Outperform on New Range Rover Momentum

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Credit Suisse upgraded Tata Motors (NYSE: TTM) from Neutral to Outperform.

Credit Suisse noted, "Our channel checks with Chinese dealers (done by the Chinese Autos team) suggest that dealers expect to sell ~30,000 RRs in China alone. Hence we have upgraded our RR estimates from 35k units to 50k units for FY14. … We believe the new RR can drive a >10% ASP increase for the company over the next few quarters. Combined with RR being a high margin product, we expect JLR's margins to expand ~200 bp over the next few quarters. Jaguar has a number of new launches lined up: new F type, AWD models for US market and XF Sportbrake for the European market which will boost utilisation levels at Jaguar from 70% to ~85%% and improve margins at the loss-making Jaguar as well."

Tata Motors closed at $28.79 on Monday.

Latest Ratings for TTM

DateFirmActionFromTo
Sep 2014JefferiesUpgradesHoldBuy
May 2014Morgan StanleyDowngradesOverweightEqual-weight
Feb 2014NomuraUpgradesNeutralBuy

View More Analyst Ratings for TTM
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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