NMDC share price: J.P. Morgan remain overweight with target of Rs 150
J.P. Morgan remains overweight on NMDC with a revised Dec-21 price target of Rs 150 (earlier Sept-21 target was Rs 126). While J.P. Morgan increased their estimates by 42% for FY21, FY22 estimates implies a 40% decline from Q3 annualized levels, and hence if domestic iron ore price decline is muted, there is upside risk to estimates. NMDC share price closed at Rs 117.75 up Rs 1.65 or 1.4% on Monday.
India’s domestic iron ore prices went up by 150-200% between May 2020 and Jan 2021, as the Odisha auctioned mines could not ramp up production quickly enough: Reuters