Jefferies raises Tata Motors’ target, sees 24-40% upside in stock

Jefferies has raised the target price on Tata Motors to Rs 700 from Rs 665, estimating a 24% upside in the base case scenario. Meanwhile, Jefferies sees a maximum upside of 40%, with a price target of Rs 790 per share. The price target of Rs 700 is based on 11X FY25E EV/EBITDA for India CVs, 10X FY25E EV/EBITDA for India PVs, 2.3X FY25E EV/EBITDA for JLR and 50% discount to transaction value in stake sale to TPG for India EVs. Tata Motors vowed to focus on EVs while achieving strong profitability and cash flows during its ‘Investor Day’ meeting.

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