Nomura maintained its rating 'Neutral' on Tata Motors, with a target price of Rs 800. The brokerage said that the automaker's guidance cut was in line with its estimates. Further, NOmmura said that to offset the tariff impact, Tata Motors plans a major cost reduction of £1.4 billion (5% of sales), which will be implemented over FY26-27. With this, the company plans to reach 10% EBIT margins by FY27-28, while the long-term aspiration remains 15% EBIT margin.