Tata Motors slips over 3%; CLSA cuts target price to Rs 600
Tata Motors was trading 1.2 per cent lower at Rs 441. It hit a low of Rs 440.10 and a high of Rs 449 in trade today.
By ET Online | Updated:
NEW DELHI: Tata Motors Ltd slipped over 3 per cent in trade on Thursday, as global brokerage firm, CLSA, slashed its target price to Rs 600 factoring in lower China volume growth.
The stock ended day 16.10 points down at Rs 430.35.
It hit a low of Rs 440.10 and a high of Rs 449 in trade today.
The Asia-focussed broker still maintains buy on Tata Motors, but turns cautious in the short term. They are of the view that the stock is pricing in a very pessimistic China scenario.
Chinese luxury auto demand has weakened and pricing might follow soon. CLSA has also slashed FY17-18 EPS by 11 per cent factoring in lower China volume growth. But, maintains its view that JLR has strong buffers in China to grow ahead of industry.
The stock ended day 16.10 points down at Rs 430.35.
It hit a low of Rs 440.10 and a high of Rs 449 in trade today.
The Asia-focussed broker still maintains buy on Tata Motors, but turns cautious in the short term. They are of the view that the stock is pricing in a very pessimistic China scenario.
Chinese luxury auto demand has weakened and pricing might follow soon. CLSA has also slashed FY17-18 EPS by 11 per cent factoring in lower China volume growth. But, maintains its view that JLR has strong buffers in China to grow ahead of industry.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
CLSA set to vanish as brand after 40 years in Asian brokerage: ReportADVERTISEMENT
