Barclays upgrades Tata Motors shares to 'overweight', ups target price

Aug 29 2013, 15:20 IST
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SummaryTata Motors shares are down 0.2 percent at 0424 GMT.

Barclays upgrades Tata Motors Ltd shares to 'overweight' from 'underweight' and raises its target price to 368 rupees from 265 rupees, citing improving performance at unit Jaguar Land Rover Ltd (JLR).

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Barclays adds Jaguar Land Rover's performance has been improving as Europe and the United States are showing signs of recovery along with "continued volume strength" from China.

"While Tata Motors' domestic business remains under stress due to macro concerns, we believe an improved performance from Jaguar Land Rover should offset any drag from the standalone operations," Barclays said in a note.

Tata Motors shares are down 0.2 percent at 0424 GMT.

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