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Tata Motors shares extended rally on Tuesday after solid performance in Q4 by Jaguar Land Rover & its China JV and revival of India business.
Brokerages revised EPS growth forecast, citing strong outlook over JLR and likely further recovery in domestic business. The stock surged 10 percent intraday today, in addition to 4 percent rally in previous session.
With maintaining buy rating and target price of Rs 545 (implying 30 percent potential upside), CLSA says the stage is now set for a strong FY17 in both JLR/India and it believes more positive surprises on volumes and margins are possible.
The brokerage expects Tata Motors to deliver a strong 21 percent EPS CAGR over FY16-18 driven by strong JLR volume growth, improving JLR margins and a recovering India business.