The Globe and Mail reports in its Friday, Feb. 23, edition that Stifel analyst Ian Gillies has elevated his recommendation for Stelco Holdings to "buy" from "hold." The Globe's David Leeder writes that Mr. Gillies gave his share target a $3 boost to $50. Analysts on average target the shares at $52.64. Mr. Gillies says in a note: "We believe our target price can be achieved sooner than the 12-month period should HRC rebound in mid 2024E given the high correlation between Stelco and HRC. The second wedge of returns come from annual dividends and potentially special dividends. ... Stelco offers investors a focused return-on-capital strategy aided by strong insider alignment. Financially, the company delivers industry leading EBITDA margins, which leads to strong FCF conversion. Demand trends are favourable for Stelco, given healthy government spending policies and the potential for a recovery in North American light-duty vehicle productions. We believe there is a significant amount of return for the stock from share price appreciation, annual dividends, potential special dividends, and possible M&A." The Globe reported on Sept. 19 that Mr. Gillies had reaffirmed his "hold" call for Stelco when it was worth $36.50.