Stelco Holdings downgraded to Hold from Buy at Stifel

Stifel downgraded Stelco Holdings (STZHF) to Hold from Buy with a price target of C$70, up from C$47, after Cleveland Cliffs (CLF) entered into a definitive agreement to buy Stelco at a price of C$70 in cash and stock. While the firm acknowledges “modest regulatory risk,” it is of the view that this deal will be consummated and believes that shareholders should tender to the offer, the analyst tells investors.