Algoma Steel Group (TSE:ASTL) Price Target Cut to C$10.75 by Analysts at Stifel Nicolaus

Key Points

• Investment analysts at Stifel Nicolaus have reduced the price target for Algoma Steel Group (TSE:ASTL) from C$13.00 to C$10.75, suggesting a potential upside of 122.11% from the current price.
• BMO Capital Markets downgraded the stock from "outperform" to "market perform," while Royal Bank of Canada set a new price target of C$8.00, reflecting a cautious outlook on the company.
• Algoma Steel's shares fell by 14.9%, closing at C$4.84, amidst increased trading volume and a challenging market environment.

Algoma Steel Group (TSE:ASTL - Get Free Report) had its price objective decreased by investment analysts at Stifel Nicolaus from C$13.00 to C$10.75 in a note issued to investors on Tuesday,BayStreet.CA reports. Stifel Nicolaus' price target would suggest a potential upside of 122.11% from the stock's current price.

A number of other research firms have also recently weighed in on ASTL. BMO Capital Markets cut Algoma Steel Group from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from C$12.00 to C$8.00 in a report on Tuesday, June 3rd. Royal Bank Of Canada lowered their price target on Algoma Steel Group from C$10.00 to C$8.00 and set a "sector perform" rating for the company in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of C$8.92.

Algoma Steel Group Trading Down 14.9%

Shares of TSE ASTL traded down C$0.85 during mid-day trading on Tuesday, reaching C$4.84. 1,593,510 shares of the company's stock were exchanged, compared to its average volume of 322,894. The firm has a market capitalization of C$507.88 million, a price-to-earnings ratio of -3.34 and a beta of 2.07. The company has a debt-to-equity ratio of 43.70, a quick ratio of 1.51 and a current ratio of 3.31. Algoma Steel Group has a 52-week low of C$4.81 and a 52-week high of C$16.83. The company's 50-day moving average is C$6.74 and its 200-day moving average is C$7.63.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.

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