UBS cuts Tata Motors FY13 FY14 forecasts

Co warns that luxury unit JLR is likely to report a lower EBITDA margin in Oct-Dec quarter

UBS cut Tata Motors Ltd's fiscal 2013 and 2014 earnings-per-share estimates by 6% after the automaker warned its luxury unit Jaguar Land Rover is likely to report a lower EBITDA margin in the October-December quarter.

UBS maintained its "sell" rating after the Tata announcement on Wednesday, citing "expensive" valuations, although the investment bank raised its price target to 255 rupees from 250 rupees as it rolls forward the target by six months.