Morgan Stanley analyst Alain Gabriel downgraded Salzgitter to Underweight from Equal Weight with a price target of EUR 34.60, up from EUR 34. Carbon steel earnings are set to recover faster than stainless peers, underpinned by rising spreads, recovering volumes, and falling energy prices, the analyst tells in a research note. The firm says it is "swimming with the tide for now."
Published first on TheFly
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