Nomura initiates coverage on Tata Motors CV, predits 22% upside potential on CV cycle recovery

Nomura initiates coverage on Tata Motors Commercial Vehicles (TMCV) with a 'Buy' rating and a Rs 481 target price, anticipating a 22% upside. The brokerage believes TMCV is poised to benefit from an upcoming upcycle in the Indian MHCV segment, driven by favorable economic conditions and strategic global expansion through the Iveco acquisition.