CLSA lowers Tata Motors to outperform; cuts price target

Newswire

MUMBAI, May 27 (Reuters) - CLSA on Friday downgraded Indian automaker Tata Motors to "outperform" from "buy" and cut its price target to 1,320 rupees from 1,500 rupees, citing lower India volumes and margins. CLSA also cut its earnings per share estimates by 7 percent and 8 percent for FY12 and FY13 respectively. "We are quite concerned about Tata's quickly weakening India car franchise," it said in a note. After market hours on Thursday, Tata Motors reported full-year profit more than ...

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