Tata Motors Share Price Jumps After JPMorgan, BofA Initiations — Check Target Price

Shares of Tata Motors Commercial Vehicle Ltd. have surged in trade on Thursday after top brokerages such as JPMorgan and Bank of America initiated their coverage on the counter.

The stock is currently trading at Rs 400, reaching an intraday high of 403. This accounts for gains of more than 3.5% compared to Wednesday's closing price of Rs 386.1.

The strong momentum in Tata Motors CV comes on the back of JPMorgan and BofA Securities both sharing a positive outlook on the company's growth heading into 2026.

While JPMorgan initiated coverage with an 'overweight' rating, BofA initiated a 'buy' call on the counter, with both brokerages forecasting a target price of Rs 475, thus implying an upside of around 20% from current levels.

JPMorgan believes Tata Motors CV is positioned well given its disciplined local business, coupled with potential upside from global foray.

JPMorgan is expecting a modest upside to the demand of commercial vehicle going forward, thereby adding upside potential to financials.

The acquisition of Iveco, in particular, could be value accretive for the company, with JPMorgan forecasting an FY26-28 Ebitda/EBIT compounded annual growth rate of 13%/16%.

BofA, meanwhile, expects the Indian carmaker to see a recovery cycle kicking in for its domestic and European businesses and is expecting an Ebitda CAGR of 15% between FY26 to FY28.

But that's not all. BofA foresees steady market share gains for Tata Motors CV going forward, which will be complemented by margin discipline, lower regulatory risk and a return on capital employed rate of 35%.

All of these factors mean there is a significant valuation re-rating for Tata Motors CV, whose Iveco acquisition is also set to yield value soon as the deal was done during a trough cycle.