JPMorgan downgraded Nippon Steel (NPSCY) to Neutral from Overweight with a price target of 3,000 yen, down from 4,000 yen. The firm expects concerns about a capital raise related to roughly $11B in additional investment into U.S. Steel’s (X) facilities through 2028 to weigh on the share price, while expanding capacity in India has been delayed as a result of construction delays, the analyst tells investors.
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