RBC Capital Bumps Up Stelco Price Target

• Stelco Holdings Inc (TSX:STLC) (OTC:STZHF) price target has been raised to C$61 from C$60, by RBC Capital analyst Alexander Jackson.
• The analysts maintained the Sector Perform rating on the shares.
• The analyst expects a solid quarter for Stelco, albeit down compared to Q4, on lower steel prices and sales volumes.
• Jackson adds that HRC (hot-rolled coil) prices were falling through Q1 before rebounding in March on a return of buyers and increased raw material costs.
• The analyst believes Stelco exited the quarter with a much fuller order book than it entered.
• Price Action: STLC shares traded higher by 1.29% at C$51.91 on TSX on the last check Thursday.