Royal Bank Of Canada Cuts Algoma Steel Group (TSE:ASTL) Price Target to C$6.00

Key Points

• Royal Bank Of Canada has reduced the price target for Algoma Steel Group from C$8.00 to C$6.00, indicating a potential upside of 34.23% based on the stock's current price.
• Shares of Algoma Steel Group have seen a 5.5% decline in trading, recently hitting C$4.47, while also having a 12-month trading range between C$4.20 and C$16.83.
• Analyst ratings for the stock include one Buy and two Hold ratings, leading to a consensus rating of "Hold" with a target price of C$8.25.

Algoma Steel Group (TSE:ASTL - Get Free Report) had its target price dropped by equities researchers at Royal Bank Of Canada from C$8.00 to C$6.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 34.23% from the company's current price.

Separately, Stifel Nicolaus cut their price target on shares of Algoma Steel Group from C$13.00 to C$10.75 in a report on Tuesday. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of C$8.25.

Algoma Steel Group Stock Down 5.5%

ASTL stock traded down C$0.26 during trading hours on Thursday, hitting C$4.47. The company's stock had a trading volume of 919,657 shares, compared to its average volume of 333,887. The stock has a 50 day moving average price of C$6.56 and a two-hundred day moving average price of C$7.59. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70. Algoma Steel Group has a 12 month low of C$4.20 and a 12 month high of C$16.83. The company has a market capitalization of C$469.05 million, a PE ratio of -3.08 and a beta of 2.07.

Algoma Steel Group Company Profile

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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