Barclays upgrades India's Tata Motors Ltd to "overweight" from "underweight" and raises its target price to 368 rupees from 265 rupees, citing improving performance at unit Jaguar Land Rover Ltd.
Barclays adds 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.
Tata Motors shares are down 0.5 percent at 1015 IST.
First Published: Thursday, August 29, 2013, 10:28