ICICI Direct has given Buy recommendation for Tata Motors with a target price of Rs. 375 in its research report issued on Jul 06, 2021

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).


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).