FRANKFURT (dpa-AFX) - A bullish call from Morgan Stanley propelled Salzgitter shares to 67.30 euros on Tuesday morning, their highest level since early 2010. While momentum subsequently cooled, leaving the steelmaker's stock up just over 4 percent at 64.25 euros, the shares had briefly doubled in value since mid-March earlier in the session.
Morgan Stanley analyst Alain Gabriel sees further upside with a price target of 70.80 euros. In a best-case scenario, he believes the stock could even reach 210 euros. Gabriel noted that the group's annual targets remain conservative and that earnings momentum is set to accelerate heading into 2027. At the same time, a strengthening balance sheet is reducing risk and paving the way for a valuation re-rating - even without accounting for the company's stake in Aurubis.
Shares in Aurubis hit a fresh record high this morning. Salzgitter holds a stake of approximately 25 percent in the copper producer./ag/jha/
