Tata Motors‘ share price continued its three-day gaining streak on Wednesday as global brokerage firm CLSA maintained its bullish stance on the stock.

What Happened: The brokerage maintained the “buy” call on the stock raising the price target to ₹690 from ₹624. The target indicates an over 20% upside from the stock’s last closing price of ₹572.75.

The firm in its latest note said that Tata-owned Jaguar Land Rover‘s retail sales remained strong in May. The firm expects the JLR’s sales volumes to have increased by 29% year-over-year in May 2023. The firm also added that the company’s EBIT margin is likely to hit 6% in FY24 (April 2023-March 2024).

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Talking about the company’s domestic business the firm noted that the commercial vehicle segment remains stable. The brokerage firm also increased its earnings estimates for the company in FY24-25 by 11% and 18% to account for the higher margins in JLR and commercial vehicle segments.

The upbeat call has helped the automobile giant continue its impressive rally that started this year. The stock has gone up over 45% year-to-date. Just last week, the stock hit a new 52-week high of ₹585.90.

Price Action: Tata Motors’ share price was up 1.68% to trade at ₹577.40 as the markets opened on Monday.

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