Tata Motors‘ share price surged 1.5% to hit a new 52-week high of ₹576.55. Shares of the company have had a great time at the bourses since the start of the year. The stock is up over 40% year-to-date.
So with the impressive surge in the reliable Tata stock, what should investors do? Here is what global research firms are saying about the stock.
Global brokerage firm CLSA maintained its “buy” rating for the stock with a target price of ₹624. The firm noted that the company is looking to improve its EBITDA margin and the management is confident about its growth in the domestic market.
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Morgan Stanley also maintained its ‘overweight’ rating on the stock with a price target of ₹617. The firm said the company is confident of improving the passenger vehicle (PV) EBITDA by 300 basis points. It also added that the Tata Tech IPO will support the company’s deleveraging efforts.
Nomura also maintained its “buy” rating for the stock with a price target of ₹610. The firm said that it sees further scope for growth in the passenger and commercial vehicle segments. As per the firm, new launches would drive the company’s market share growth in the PV segment.
Goldman Sachs also maintained its “buy” call for the stock with a target price of ₹600. However, JP Morgan remained ‘neutral’ with a price target of ₹455 as it sees the company’s CV segment growth to moderate in FY24. UBS also maintained its ‘sell’ rating for the stock with a price target of ₹450.
Price Action: Tata Motors shares were down 1.65% to trade at ₹558.60 in the mid-market hours of trading on Thursday.
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