Bluescope Steel downgraded to Underweight from Overweight at Morgan Stanley

Morgan Stanley analyst Andrew Scott downgraded Bluescope Steel to Underweight from Overweight with a price target of A$18, down from A$24. The firm sees Bluescope facing a “triple threat,” as it sees risk to consensus expectations from decade-low Asian steel spreads and lower U.S. spreads and also sees risks from softer Australian residential construction.