Multiple Upgrades National Bank’s Maxim Sytchev hiked his target for Stelco Holdings Inc. to $45 from $36 with an “outperform” recommendation , while Scotia Capital’s Michael Doumet raised his target to $40 from $32 with a “sector outperform” rating and BMO’s David Gagliano bumped up his target to $44 from $37 with an “outperform” rating. The average target on the Street is $39.86.
“ Even if investors are unwilling to ‘underwrite’ current EBITDA generation given record-high prices, in our view this FCF generation has meaningful equity valuation uplift implications that remain underappreciated,” said Mr. Gagliano.