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Feb 16, 2017, 01.48 PM | Source: Moneycontrol.com

Buy Tata Steel; target of Rs 637: Edelweiss

Edelweiss is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 637 in its research report dated February 14, 2017.

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Buy Tata Steel; target of Rs 637: Edelweiss

Edelweiss is bullish on Tata Steel has recommended buy rating on the stock with a target price of Rs 637 in its research report dated February 14, 2017.

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Edelweiss' research report on Tata Steel

Domestic operations reported highest EBITDA/t level of INR 11,285 in last nine quarters owing to better spreads. We expect domestic operations performance to sustain due to ramp up of Kalinganagar operations (downstream capacity) and sharp decline in coking coal prices.

Outlook

We are upbeat on TSL’s Q3FY17 performance and receding concerns on European operations. In view of the stock trading at lower end of 10 year valuation range, we upgrade the stock to ‘BUY/SO’ from ‘REDUCE/SU’ with revised TP of INR 637/share (earlier INR 308/share).

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Tata Steel; target of Rs 637: Edelweiss

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