Bluescope Steel price target raised to A$21 from A$18 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Bluescope Steel to A$21 from A$18 and keeps an Underweight rating on the shares. Strong U.S. spreads have offset historically low Asian spreads so far in 2H24, the firm says. Morgan Stanley upgrades its FY24 forecasts to reflect period to date strength but notes that U.S. prices appear to have hit an inflection point. The firm expects share price weakness if declines are meaningful.