Morgan Stanley has turned bearish on the India's largest CV maker, Tata Motors, and has lowered its year end target price for the stock to Rs 240 from Rs 291 and maintains its "equal-weight" rating on the stock. The market price of the stock at the close of the markets as on 6th July 2012 was 240.55. The Investment bank says Tata's Jaguar Land Rover's product cycle is entering a "slow phase," while India's medium and heavy commercial vehicle cycle is "weak", and the environment for luxury cars is becoming "more competitive."
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