JPMorgan upgraded JFE Holdings (JFEEF) to Overweight from Neutral with a price target of 2,000 yen, up from 1,800 yen. JFE’s Indian affiliate JSW Steel is making good progress in ramping up additional capacity, which could serve as a future profit growth driver, says the analyst, who recommends JFE as the firm’s top pick in Japan’s steel sector.
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