Goldman raises price target on Tata Steel shares

The Wall Street bank said it expected full benefit of price hikes in Europe to flow through in the first quarter of FY12.

Tata Steel, the world's No.7 steelmaker, said after market hours on Wednesday net profit after taxes, minority interest and share of profit of associates jumped about 72 percent to 41.78 billion rupees ($937 million) in its fiscal fourth quarter.

Goldman, however, cut its earnings per share estimates for Tata Steel by 9 percent and 8 percent for FY12 and FY13 respectively to factor in lower volumes in Europe.

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