The Globe and Mail reports in its Friday, Feb. 17, edition that Eight Capital analyst Anoop Prihar has lowered his recommendation for Algoma Steel Group to "neutral" from "buy." The Globe's David Leeder writes that Mr. Prihar raised his share target by 65 cents to $11 from $10.35. Analysts on average target the shares at $13.50. Mr. Prihar predicts Algoma Steel's plate mill modernization efforts and electric arc furnace expansion should position it as a "much more formidable" producer. The Globe says Mr. Prihar is cautious on the company's business outlook. Mr. Prihar says he "will continue to look for evidence that these initiatives remain on-track from both a time and budget perspective." On Tuesday, Algoma reported an adjusted earnings before interest, taxes, depreciation and amortization loss of $35.9-million, down from a profit of $457.3-million a year ago due to previously disclosed challenges relating to phase 1 of the plate mill modernization. The result was slightly ahead of Mr. Prihar's estimate of a $42-million loss. Mr. Prihar says in a note, "Our FY23 adj. EBITDA estimate is essentially unchanged at $441-million, while our FY24 adj. EBITDA estimate is now $460-million versus $541-million previously."