The Globe and Mail reports in its Thursday edition that Stifel analyst Ian Gillies, seeing "a near-term trade with long-term value," upgraded Algoma Steel Group to "buy" from "hold." The Globe's David Leeder writes that Mr. Gillies boosted his share target by $4.25 to $15. Analysts on average target the shares at $11.67. Mr. Gillies says in a note: "The premise for this upgrade is (1) a near-term improvement in financial performance through an increase in volumes and higher unit pricing, which is reflected in our F24E EBITDA increasing 71 per cent and (2) the long-term value creation potential from the transition to an electric arc furnace which will better align the company's cost structure and allow for higher production. In our view, the steel market bottomed in November, 2022, and calendar 2023 should realize a recovery from those levels." Mr. Gillies says Algoma's net asset value is "very compelling from a value perspective." He believes there is "a significant near-term trading opportunity" at Algoma. The Globe reported on Nov. 10 that Beacon Securities analyst Ahmad Shaath had turned bearish on Algoma Steel, leading him to trade in his "buy" recommendation for a "hold" call when it was worth $8.81.