Posco upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Young Suk Shin upgraded Posco (PKX) to Overweight from Equal Weight with a price target of KRW 410,000, up from KRW 280,000. More headlines regarding China’s steel production cuts and what the firm sees as a “high likelihood” of additional anti dumping duty announcements in the region make it “more constructive” on Posco and a more sustainable path for the company’s steel earnings and margin recovery outlook, the analyst tells investors.