The Globe and Mail reports in its Tuesday, April 11, edition that Stifel analyst Ian Gillies is sticking with his "buy" recommendation on Algoma Steel. The Globe's David Leeder writes that Mr. Gillies trimmed his share target by $1.50 to $16. Analysts on average target the shares at $14.10. Mr. Gillies thinks "momentum has faded" for steel stocks after several "weak" economic reports last week. Mr. Gillies says in a note: "Over the past month, the SLF (VanEck Steel ETF) is down 7.9 per cent compared to the S&P 500 which is up 4.8 per cent. This will negatively impact investor participation in the space as steel prices have likely stagnated at this point or are biased downward. We still think there is value to be had in the space, but the path to share price appreciation is more complicated than it was just a month ago. Algoma continues to be our best idea of the three steel stocks in our coverage universe given the mix of value based characteristics and continued operational improvements." The Globe reported on Jan. 19 that Mr. Gillies had upgraded Algoma Steel to "buy" from "hold."]He said Algoma's net asset value was "very compelling from a value perspective." It could then be had for $9.28.