SSAB AB upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded SSAB AB to Overweight from Equal Weight with a price target of SEK 85, down from SEK 87. The analyst says European Union steel markets remain “highly challenged.” The firm sees hot-rolled coil spreads pushing towards 10-year lows, but says mills have been reluctant to cut capacity. However, “some positives are emerging” with EU inventories supportive and China price arbs tighter, the analyst tells investors in a research note.