Tata Motors CV shares may rally 16%, says InCred; 4 reasons behind the ‘Add’ call

InCred Equities has initiated coverage on Tata Motors’ commercial vehicle (CV) business with an Add rating and a price target of Rs 513, citing up to 16% upside. The brokerage highlights a turning CV cycle, strong brand recall, sustained profitability, and robust volume growth as key drivers. Tata Motors’ CV volumes are expected to grow faster than the industry through FY28.