Salzgitter (OTCMKTS:SZGPY) Upgraded to Buy at Zacks Investment Research

Salzgitter (OTCMKTS:SZGPY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The firm currently has a $3.25 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 16.91% from the stock’s current price.

According to Zacks, “Salzgitter AG is engaged in the production of steel and steel products. Its operating business unit consists of Strip Steel, Plate/Section Steel, Energy, Trading and Technology. Strip Steel unit produces special and branded steels. Plate/Section Steel unit offers heavy plates. Energy unit covers seamless tubes, seam-and spiral-welded large-diameter pipes, stainless steel tubes as well as seamless and welded precision tubes. Trading unit handles sales network and global trading companies and sales offices. Technology unit focuses on machinery and plants for the filling and packaging of beverages. Salzgitter AG is headquartered in Salzgitter, Germany. “

Several other equities analysts have also commented on SZGPY. Morgan Stanley reiterated an “equal weight” rating on shares of Salzgitter in a research note on Friday, November 27th. DZ Bank reaffirmed a “buy” rating on shares of Salzgitter in a research note on Wednesday, December 16th. Finally, Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research report on Thursday, December 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. Salzgitter currently has a consensus rating of “Hold” and an average target price of $3.25.

Shares of SZGPY opened at $2.78 on Thursday. The stock has a market capitalization of $1.67 billion, a PE ratio of -2.87 and a beta of 1.06. Salzgitter has a 1 year low of $0.89 and a 1 year high of $2.90. The company’s 50-day simple moving average is $2.35 and its 200-day simple moving average is $1.77.

About Salzgitter

Salzgitter AG, together with its subsidiaries, engages in steel and technology businesses worldwide. It operates through five segments: Strip Steel, Plate/Section Steel, Mannesmann, Trading, and Technology. The Strip Steel segment manufactures branded and special steels, such as hot-rolled strip steel and steel sheets, sections, tailored blanks, and components for the construction industry.

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