JP Morgan has maintained an ‘overweight’ rating on Tata Steel, raising its target price to ₹180, implying a 20% upside from the current market price of ₹150.28. The brokerage highlighted that European steel spreads have surged 18% QoQ and 60% on a spot basis compared to Q3FY25 averages, which is not yet factored into consensus estimates.
JP Morgan expects Tata Steel’s Europe business to achieve EBITDA breakeven by Q1FY26, driven by stronger pricing trends and improving market conditions. This recovery in the European segment is seen as a key catalyst for earnings growth going forward.
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