Analysts at Motilal Oswal said that Tata Motors' all three businesses are in recovery mode. "While the India CV business would see cyclical recovery, the domestic PV business is in a structural recovery mode. JLR is also witnessing a cyclical recovery underpinned by favorable product mix; however, supply-side headwinds will defer the recovery process," they said. The brokerage firm believes the domestic business of Tata Motors would continue to see sustained revival. "The stock trades at 20.1x FY24E consol. EPS and 3.1x P/B. Maintain BUY with a Mar'24 SOTP-based TP of Rs 610…" the brokerage firm said, implying a 23% upside from today's low.