JPM Keeps Bluescope at Overweight as Regional Headwinds Mount -- Market Talk
Posted on 22 April 2015 10:31 | Dow Jones Institutional News
0031 GMT [Dow Jones] J.P. Morgan says the headwinds faced by steel producers in the Asia-Pacific region have been stronger than the broker expected at the start of the year. The broker cuts its Bluescope Steel (BSL.AU) price target to A$5.50 a share from A$5.90 after downgrading its regional steel price and spread forecasts. Still, it keeps its Overweight rating on Bluescope, saying while underlying commodity price movements have largely been unfavourable for the company since its 1H result in February, "we think BSL's conservative balance-sheet position and robust free cash flow will help the company withstand these challenges." ([email protected]; @beckthurlow)
BSL Price at posting:
$3.59 Sentiment: Buy Disclosure: Held
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