Algoma Steel Group (TSE:ASTL) Given New C$8.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Algoma Steel Group from C$10.00 to C$8.00, indicating a pessimistic outlook for the stock.
• Other analysts, including BMO Capital Markets and Stifel Nicolaus, have also reduced their target prices and adjusted their ratings, reflecting a general decline in sentiment for the stock.
• Algoma Steel Group's shares fell 4.5% on Thursday, trading at C$7.44, as the company continues to experience challenging market conditions.

Algoma Steel Group (TSE:ASTL - Get Free Report) had its price objective cut by Royal Bank Of Canada from C$10.00 to C$8.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 12.83% from the company's current price.

A number of other research analysts have also weighed in on the stock. Stifel Nicolaus cut their target price on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a "buy" rating for the company in a report on Tuesday, June 3rd. BMO Capital Markets lowered shares of Algoma Steel Group from an "outperform" rating to a "market perform" rating and cut their target price for the company from C$12.00 to C$8.00 in a report on Tuesday, June 3rd.

Algoma Steel Group Stock Performance

TSE ASTL traded down C$0.31 on Thursday, reaching C$7.09. 503,581 shares of the stock were exchanged, compared to its average volume of 248,760. Algoma Steel Group has a one year low of C$5.91 and a one year high of C$16.83. The firm has a market capitalization of C$736.44 million, a PE ratio of -4.86 and a beta of 1.50. The company's 50-day simple moving average is C$8.68 and its two-hundred day simple moving average is C$8.95. The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70.

About Algoma Steel Group

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.