MACQUARIE - Neutral PT $23.15 - BlueScope Steel has upgraded earnings guidance ahead of its AGM next month, thanks to strong hot-rolled coil prices and spreads and coated products prices in the US.
MORGAN STANLEY - Equal Weight PT $23.50 - Despite BlueScope Steel lifting first half guidance by 15%, Morgan Stanley believes outperformance is unlikely in an environment where second half prices are declining.
CREDIT SUISSE - Upgrade to Outperform from Neutral PT $28.30 - Bluescope Steel has increased first half earnings before tax guidance by $300m to $2.1-2.3bn, in a move that Credit Suisse notes was largely anticipated.
UBS - Buy PT $28.60 - BlueScope Steel has upgraded its half-year guidance to $2.1-2.3bn but UBS already was positioned at $2.12bn. The analysts suggest North Star spreads and strong demand in Nth America .
