Benzinga - Tata Motors (NS:TAMO)‘ share price was upbeat on Thursday morning, going up around 2% to hit an intraday high of ₹1,046.65.
What Happened: The jump today comes as BofA Securities reiterated its “buy” rating on Tata Motors, setting a target price of ₹1280 and indicating an upside of around 25% from the stock’s last closing price of ₹1,025.30.
The analysts highlighted the launch of Tata Motors’ new sports utility vehicle (SUV) coupe as a significant move that fills a large growing whitespace in the market. The company’s latest electric vehicle (EV) model, “Curvv”, is being projected as a game-changer in the EV segment.
Nomura also maintained its “buy” call on the stock with a target price of ₹1,303. Nomura believes Tata Curvv breaks all key barriers to EV adoption, bringing price parity between EVs and ICE (NYSE:ICE) vehicles and significantly reducing range anxiety, offering a real-world range of 350-400 kilometres.
Jefferies also maintained its “buy” rating on the Tata Group stock with a price target of ₹1,330. The company’s new mid-sized SUV coupe Curvv fills a key gap in its portfolio, the analysts noted. Analysts at Jefferies believe Tata has already made a big comeback in passenger vehicles in the last four years and that Curvv has the potential to further lift its market share.
The stock is also getting a boost after an upgrade by Moody’s Ratings on Wednesday. Moody’s elevated Tata Motors’ corporate family rating (CFR) from Ba3 to Ba1, citing consistent revenue growth, improving profitability and debt reduction, despite significant capital expenditure for product refreshment. It also upgraded JLR’s rating.
Price Action: Tata Motors’ share price was up 1.80% to trade at ₹1,043.80 as the markets opened on Thursday.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.