JPMorgan lowered the firm’s price target on Stelco Holdings to C$47 from C$50 and keeps an Overweight rating on the shares. The analyst expects “downbeat” Q2 outlook comments from steel companies with downside risk to current estimates driven by lower than expected sheet pricing and weak spot activity. Furthermore, plate remains under pressures amid excess inventories and value-add spreads have retreated from near-record highs in early March, the analyst tells investors in a research note. The firm says demand has been weaker than normal during what is typically a seasonally strong quarter.
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