Overweight Tata Motors Ltd., target Rs 585.0 : Morgan Stanley

Morgan Stanley has Overweight call on Tata Motors Ltd. with a target price of Rs 585.0. The current market price of Tata Motors Ltd. is 574.4. Time period given by analyst is year, when Tata Motors Ltd. price can reach defined target. JLR is slowly gaining share in China. The overweight thesis rests on market share gains than industry growth, said the brokerage note. The global investment bank expects more market gains in coming years as XF becomes localized. There is a lot of shortage seen in Range Rover Sport amid strong demand which is positive for the company. Morgan Stanley added that broader industry slowdown remains a concern but JLR models continue to see good demand.