The investment bank says the recent weakness in numbers is due to the slow ramp-up of launches rather than a "demand issue".
Most of the upgrades are slated for shipment in December, thus numbers thereon should see a strong sequential pickup, the note added.
JLR's global sales growth, a key issue for investors in Tata Motors, has slowed in recent months and sales fell in September for the first time in 14 months.
At 2:24 p.m., Tata Motors shares were up around 2.4 percent at 277.90 rupees.
Copyright Thomson Reuters 2012