CLSA Bets on Tata Motors CV to Jump 37% as 'Stars Align'

• CLSA initiates coverage on Tata Motors Commercial Vehicles Ltd. with an "outperform" rating and a price target of ₹673.
• The brokerage firm predicts a 37% upside, citing an upcycle in Commercial Vehicles for India and the EU.
• Tata Motors CV is expected to generate robust Free Cash Flow, making its balance sheet lean by FY28 despite the €3.8 billion Iveco acquisition.
• CLSA highlights meaningful scale and supply-chain synergies from the Tata Motors CV-Iveco combination and positive impact of EV adoption in LCVs.
• 21 out of 24 analysts have a "buy" rating on the stock, with none recommending a "sell".