UPDATE: Spark Capital Downgrades Tata Motors to Add on Price Appreciation

Spark Capital lowered its rating on Tata Motors TTM from Buy to Add. Spark Capital noted, "We remain positive on the stock given the sustained momentum in JLR and a strong new launch pipeline. We expect a series of new launches in JLR to broaden the scope of offerings from the company. In the near term, we expect the new Range Rover and the downsized power trains in China to drive sales. The commencement of the 3rd shift operations in Halewood will ease production constraints for the Evoque and Freelander. Management indicated that increased production may reflect on sales in the Oct/ Nov 2012 sales numbers." Tata Motors closed at $24.50 on Wednesday.