The Globe and Mail reports in its Wednesday edition that Beacon analyst Ahmad Shaath has lowered his recommendation for Algoma Steel Group to "hold" from "buy," believing that the stock's recent outperformance versus peers has left it with limited upside. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Shaath hiked his share target by $3 to $14. Mr. Shaath notes that Algoma Steel shares rose 48 per cent during the fourth quarter, even matching the performance of US Steel, which has rallied amid a pending acquisition by Nippon Steel. Mr. Shaath says in a note: "Valuation wise, Algoma Steel also outperformed with its multiple expanding by 1.2 times turns over the same period. The stock currently trades at EV/EBITDA (FY25E) of 4.2 times vs. BF [blast furnace] peers group average of 5.7 times (5.1 times ex. US Steel). We remain of the view that Algoma Steel shares should trade at a discount to this group, and we apply a 4.2 times multiple to our revised FY25E EBITDA forecast to arrive at our $14. With potential upside of just 8 per cent, we revise our recommendation to 'hold.'" The Globe reported on Sept. 19 that Stifel had reaffirmed its "buy" on Algoma Steel when it could be had for $9.26.