JPMorgan has initiated coverage on Tata Motors with an Overweight rating and a price target of ₹475 , representing a potential upside of 23% . The bank's positive outlook is based on expectations of a modest recovery in India's commercial vehicle (CV) market after three years of stagnation. JPMorgan highlighted Tata Motors' pricing discipline, which, alongside Ashok Leyland , has led to margin and ROCE expansion despite weak demand.