BROKERAGE TAKE: Macquarie on Tata Motors: Outperform| Target Rs 1028




Macquarie maintained an outperform rating on Tata Motors with a target price of R 1028. Pure play structure is likely to drive better value discovery.

The conglomerate structure was constraining valuation upside. The Pure-play structure lends investment flexibility to investors.

PV segment valuation discount to Maruti could narrow if Tata delivers on market-share gains/better margins.

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