TTM - Why Shares of Tata Motors Drove Higher on Thursday
While the Dow Jones Industrial Average and the S&P 500 were both rising Thursday, shares of giant Indian automaker Tata Motors (NYSE: TTM) were gaining considerably more ground than the benchmark averages. As of 1:44 p.m. EDT, shares of Tata Motors trading on the NYSE were up by 15.8% to a level they hadn't seen since April 2018.
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The catalyst behind Tata's surge on Thursday was an auspicious new view on the stock from Morgan Stanley analyst Binay Singh. Upgrading the stock from equal weight to overweight, Singh also raised the bank's price target on it from 298 rupees to 448 rupees. The stock closed the previous trading session on the BSE at 336 rupees. As such, the new price target forecasts upside of 33%.
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Why Shares of Tata Motors Drove Higher on Thursday