National Bank upgrades Stelco Holdings to Outperform on more constructive tone

As previously reported, National Bank upgraded Stelco Holdings to Outperform from Sector Perform with a price target of C$55, up from C$47. The company’s Q4 revenue was below consensus, but the conference call tone was more constructive than expected, the analyst tells investors in a research note. Scrap pricing remains healthy, creating a stronger and higher floor for hot-rolled product, the firm added.