Jefferies cuts Tata Steel, JSW Steel targets but maintains 'buy' ratings

• Jefferies cut EBITDA estimates (FY26-28) and price targets for JSW Steel and Tata Steel.
• EBITDA estimates reduced by 4-15% for JSW Steel and 2-6% for Tata Steel; price targets also lowered.
• Despite cuts, Jefferies maintained "buy" ratings for both companies, favoring Tata Steel.
• Cuts are due to falling steel prices impacting margins, but optimism remains for recovery and potential safeguard duty.
• Reinstatement of safeguard duty is expected soon, which could boost domestic steel prices by countering high Chinese exports.

Why It Matters: Jefferies cut steel stock targets but maintains 'buy' ratings, suggesting future upside.