Algoma Steel upgraded to Buy from Hold at Stifel

Stifel analyst Ian Gillies upgraded Algoma Steel to Buy from Hold with a price target of $15.00, up from $10.75. The upgrade is based on a near-term improvement in financial performance through an increase in volumes and higher unit pricing and the long-term value creation potential from the transition to an electric arc furnace which will better align the company’s cost structure and allow for higher production, Gillies tells investors in a research note.