Macquarie has upgraded its ratings and target prices for several key players in the metals sector, reflecting a positive outlook on commodities prices and the anticipated benefits from domestic price premiums and easing input costs.
Macquarie has upgraded JSW Steel to “Outperform” and raised its target price to ₹1,077. JSPL remains the top pick in the sector with a target price increase to ₹1,170. Hindalco’s rating remains “Outperform,” with a revised target price of ₹760. Tata Steel also sees an upgrade to “Outperform,” with its target price raised to ₹171. Additionally, Coal India’s target price has been raised to ₹541.
Macquarie’s commodities price outlook for the next 6-12 months factors in upside risks, positioning steel companies to benefit significantly from the current market conditions
