The Globe and Mail reports in its Friday edition that National Bank Financial analyst Maxim Sytchev has elevated his recommendation for Stelco Holdings to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev's share target soared $8 to $55. Analysts on average target the shares at $51.50. Even though Mr. Sytchev calls Stelco's fourth quarter 2023 results "noisy," he expects a better first half this year. After the bell on Wednesday, Stelco posted revenue of $613-million, above Mr. Sytchev's $581-million estimate but below the Street's expectation of $641-million. Headline adjusted earnings before interest, taxes, depreciation and amortization of $51-million topped the Street's $39.9-million projection. Mr. Sytchev says in a note: "There are two caveats. First, expectations have come down significantly; since early November, consensus EBITDA estimates compressed from $100-million to under $40-million today. Also, the headline EBITDA and EPS figures were adjusted upward by $27-million added back for share-based compensation in Q4/23 vs. $7-million in Q4/22. That being said (and more importantly), the conference call tone was more constructive than expected."