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This is an archive article published on May 26, 2011

GS ups Tata Steel stock price target

Goldman Sachs has raised its price target for Tata Steel stock to Rs 774 - 'buy' rating retained.

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Goldman Sachs has raised its 12-month stock price target for India8217;s Tata Steel to 774 rupees from 761 rupees and maintained its 8216;buy8217; rating following better-than-expected quarterly earnings.

The Wall Street bank said it expected full benefit of price hikes in Europe to flow through in the first quarter of FY12.

Tata Steel,the world8217;s No.7 steelmaker,said after market hours on Wednesday net profit after taxes,minority interest and share of profit of associates jumped about 72 percent to 41.78 billion rupees 937 million in its fiscal fourth quarter.

Goldman,however,cut its earnings per share estimates for Tata Steel by 9 percent and 8 percent for FY12 and FY13 respectively to factor in lower volumes in Europe.

More on Tata Steel stock

 

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