Tata Motors‘ share price continued its bull run on Tuesday as global research firm Goldman Sachs maintained its positive outlook on the stock.

What Happened: Goldman Sachs maintained its “buy” rating for the stock with a price target of ₹600. The firm said that if Jaguar Land Rover manages to hit its EV targets by 2030 and internal combustion engine (ICE) vehicles cease to be sold beyond 2035, the luxury car brand’s valuation should be around 56,000 crore ($7 billion).

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however, The firm added that it appears that the market is currently valuing JLR at around ₹32,000 crore. This suggests the possibility of a potential increase in value as JLR’s turnaround and transition to EVs gains further momentum. The Tata Group company had acquired the UK-based company for around $2.3 billion from the Ford Motor Company in 2008.

Tata Motors’ share price has been on a dream run since the start of the year. The stock has gone up over 38% year-to-date. Just in the past month, Tata Motors’ share price has climbed up close to 8%.

Price Action: Tata Motors’ share price was up 0.54% to trade at ₹549.20 as the markets opened on Tuesday.

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