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home / news releases / ASTL - Algoma Steel gets higher after BMO Capital's bull case implies 36% upside

ASTL - Algoma Steel gets higher after BMO Capital's bull case implies 36% upside

Algoma Steel Group Inc.
Algoma Steel (NASDAQ:ASTL) stock is up 7% today after BMO Capital Markets starts off coverage with an Outperform rating. BMO Capital's analyst David Gagliano assigns the price target of C$17 to rep around 36% upside potential from last price. SA Pro Editors see a 45% upside in Algoma Steel at a "Very Bullish" stance. The author estimates the Canadian steel producer's future cash flows will drive down net debt and accruing value to equity holders. The author writes a long-term catalyst could be Algoma's production expansion plans (to ~3.7 million tons from current ~2.8 million tons), as it builds electric arc furnaces (coming online in 2024) supported by government subsidies.

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Algoma Steel gets higher after BMO Capital's bull case implies 36% upside
Stock Information
Company Name: Algoma Steel Group Inc.
Stock Symbol: ASTL
Market: NYSE
Website: algoma.com
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