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Aperam: shares drop on BoFA rating downgrade

( - Shares in Luxembourg-based stainless steel firm Aperam fell by more than nine per cent on Thursday after Bank of America double downgraded its stance on the stock, from "buy" to "underperform".

"We are concerned about the deteriorating macro conditions globally and particularly in Europe. Energy prices are likely to impact demand and the cost of domestic stainless steel production," BofA analysts warned in a note to clients.

"While not our base case, gas rationing could be catastrophic for European industry. Given our cautious outlook, we think Aperam (and steel companies generally) could trade at trough price/book multiples", they added.

Their price target is 25 euros per share.

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