Stelco Holdings upgraded to Buy from Hold at Stifel

Stifel upgraded Stelco Holdings to Buy from Hold with a price target of C$50, up from C$47. Stelco’s base dividend and a similar special dividend to 2023 of $3.00 per share would provide an implied return of 12%, while this return profile is augmented by the potential for a rebound in steel prices in summer or late 2024, the analyst tells investors.