With Jaguar and Jaguar Land Rover both losing momentum in the US, Morgan Stanley is keeping expectations in check for Tata Motors Passenger Vehicles Ltd.
The brokerage has maintained its equal-weight rating on Tata Motors Passenger Vehicles Ltd., setting a target price of Rs 369, even as the brokerage flagged a weak start to the year for Jaguar Land Rover (JLR) in the United States. Shares of the Tata Motors PV on Thursday are trading at Rs 266, accounting for a fall of over 2%.
In its latest note, Morgan Stanley noted that JLR recorded weak numbers in Jan 2026 retail. JLR's US retail volumes declined 28% YoY to 6,650 units in Jan 2026, marking a sharp year‑on‑year contraction in one of the automaker's key global markets.
The note further pointed out that Jaguar, which is currently in a 'phase-out stage,' continued to struggle, with a volume decline of 41% YoY. The phase‑out strategy ahead of the brand's electric relaunch has continued to depress current sales volumes.
Land Rover, the mainstay of JLR's US operations, also recorded substantial weakness.
Morgan Stanley noted that Land Rover volumes declined 27% YoY to 6,200 units Vs decline of 28% YoY in Dec 2025. While the decline remained steep, the marginal improvement versus December suggests early signs of stabilisation, though the brokerage did not indicate a recovery trend.
Out of 35 analysts tracking the company, 11 maintain a 'buy' rating, 15 recommend a 'hold,' and nine suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 383 implies an upside of 5.0%
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