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Investing.com - Citi has raised its price target on Steel Authority of India Ltd (NS:NSE:SAIL) to INR115.00 from INR95.00 while maintaining a Sell rating on the stock.
The price target adjustment follows recent trends and management commentary that prompted the analyst firm to revise its estimates upward for the state-owned steel producer.
Despite the higher price target, Citi believes that first-quarter EBITDA per ton has likely reached its peak and is already reflected in the current stock price.
The firm expects steel prices to face further downward pressure due to muted demand, falling exports, and new supply being added to the market.
At current spot EBITDA per ton levels, Citi notes that SAIL trades at an EV/EBITDA multiple of approximately 7x based on expanded volumes and fiscal year 2025 debt, with the firm anticipating further downside to steel prices and corrections in EBITDA per ton.
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