Mumbai:
UBS cut Tata Motors Ltd’s fiscal 2013 and 2014 earnings-per-share estimates by 6% after the auto maker warned its luxury unit Jaguar Land Rover is likely to report a lower earnings before interest, taxes, depreciation, and amortization (Ebitda) margin in the October-December quarter.
UBS maintained its “sell” rating after the Tata announcement on Wednesday, citing “expensive” valuations, although the investment bank raised its price target to Rs.255 from Rs.250 as it rolls forward the target by six months.
