Buy Tata Motors; target of Rs 375: ICICI Direct

ICICI Direct is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 375 in its research report dated July 06, 2021.

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ICICI Direct’s research report on Tata Motors

In a business update, Jaguar Land Rover (JLR) flagged the global semiconductor supply shortage as an area of concern that has impacted Q1FY22 performance (wholesales lower than anticipated by ~27%) and is set to adversely affect near-term outlook as well (Q2FY22E wholesale volumes now seen ~50% lower than earlier expected).

Outlook

Accordingly, we maintain BUY with a revised SOTP based target price of Rs 375 (12x, 3.3x FY23E EV/EBITDA to India, JLR businesses respectively; earlier TP Rs 400).

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