Brokerages UBS, Nuvama, and Emkay have signaled a cautious outlook for Tata Motors as challenges weigh on its luxury arm Jaguar Land Rover and domestic passenger vehicle business. UBS and Nuvama have reduced their target prices, citing a significant drop in JLR's margins and heightened competition, while Emkay maintains a positive view but has also lowered its target price. Despite this, analysts expect a gradual improvement in JLR's performance and note Tata's India CV business remains resilient.