Barclays upgraded Tata Motors Ltd to "overweight" from "underweight" and raised its target price to Rs. 368 from Rs. 265, citing improving performance at the Jaguar Land Rover Ltd (JLR).
The global financial services provider added that JLR'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 JLR should offset any drag from the standalone operations," Barclays said in a note.