Bluescope Steel downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Bluescope Steel to Neutral from Overweight with a A$23 price target. Following a positive share price move, Bluescope looks to have already partly priced in a steel market recovery and the firm downgrades to Neutral ahead of its results due August 19, stating that it will look again for “a cheaper entry point to get more constructive.”