Acerinox: UBS upgrades to buy.
(CercleFinance.com) - As part of a sector report on steelmakers specialising in stainless steel, UBS has upgraded its rating on the Spanish group Acerinox from "sell" to "buy," raising its target price for the share from 11.
5 euros to 14.2 euros.
The research report highlights the sector's fundamentals, including robust demand for stainless steel, which UBS expects to grow by 3.5% this year.
In addition, the rise in raw material prices (iron ore and nickel) is expected to enable the benchmark price of stainless steel to reach 1,147 euros/tonne in Europe this year, UBS estimates, which has raised its previous estimate by 60 euros, before 1,162 euros in 2018.
China's demand for stainless steel is the main reason for this new stance, which also affects the group Aperam, which UBS has also upgraded from "sell" to "neutral."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5 euros to 14.2 euros.
The research report highlights the sector's fundamentals, including robust demand for stainless steel, which UBS expects to grow by 3.5% this year.
In addition, the rise in raw material prices (iron ore and nickel) is expected to enable the benchmark price of stainless steel to reach 1,147 euros/tonne in Europe this year, UBS estimates, which has raised its previous estimate by 60 euros, before 1,162 euros in 2018.
China's demand for stainless steel is the main reason for this new stance, which also affects the group Aperam, which UBS has also upgraded from "sell" to "neutral."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.