CLSA has upgraded Tata Steel from ‘Underperform’ to ‘Hold’, with a revised target price of ₹125, indicating a 2.3% downside from the current market price of ₹128.95.
The brokerage noted that Q4 guidance has improved for the domestic business, driven by stable realizations, lower costs, and efficiency gains in India. However, the European market remains challenging, posing a risk to overall performance.
CLSA believes that after the recent correction, the stock’s risk-reward ratio is balanced. It highlighted that regional demand trends and potential imposition of duties will be key factors determining the company’s future performance.
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