The Globe and Mail reports in its Wednesday, July 17, edition that National Bank Financial analyst Maxim Sytchev has moved his recommendation for Stelco Holdings to "tender" from "outperform." The Globe's David Leeder writes that Mr. Sytchev's share target soared $18 to $70. Analysts on average target the shares at $67.70. Mr. Sytchev calls Cleveland-Cliffs's $3.85-billion deal to acquire Stelco Holdings is a "logical industry development." Mr. Sytchev calls the price tag "more than fair." Mr. Sytchev says in a note: "Over the last year, there has been plenty of M&A chatter pertaining to the steel industry, beginning with CLF's offer for U.S. Steel back in August, a potential offer from Stelco itself (Going after U.S. Steel?), and the pending (and politically contentious) proposed buyout of U.S. Steel by larger Japanese competitor Nippon Steel (TYO: 5401; Not Rated -- our initial take on the transaction here: U.S. Steel acquired by Nippon Steel; implications for CAD players are positive). ... We fully expect the deal to be reviewed, but one would assume that the backdrop would be less contentious than US Steel/Nippon given the already integrated nature of the North American supply chain, NAFTA, etc."