Antique Stock Broking has reduced its target price for Mazagon Dock Shipbuilders to ₹3,407 from ₹3,858, citing procedural delays in awarding major defense orders. Despite these delays, Antique maintains a 'Buy' rating, remaining positive on the company's long-term prospects due to a strong order pipeline. The brokerage adjusted earnings estimates downwards for FY26-FY28, noting that key orders like Project-75 submarines and P17B frigates are progressing slower than anticipated.